https://www.taxtmi.com/caselaws?id=36833 The High Court held that the assessee was liable for penalty under section 271(1)(c) of the Income-tax Act, 1961, due to a significant difference between the returned and assessed total income, exceeding 20%. The Court clarified that the penalty is based on total income, not individual sources, as per the Explanation to the provision. Negligence in declaring correct income from specific sources may impact the penalty amount but does not absolve liability. The Court upheld the department's position, denying relief to the assessee and awarding no costs due to lack of representation. en-us Fri, 07 Apr 1978 00:00:00 +0530 Wed, 24 Mar 2010 18:25:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36833 The High Court held that the assessee was liable for penalty under section 271(1)(c) of the Income-tax Act, 1961, due to a significant difference between the returned and assessed total income, exceeding 20%. The Court clarified that the penalty is based on total income, not individual sources, as per the Explanation to the provision. Negligence in declaring correct income from specific sources may impact the penalty amount but does not absolve liability. The Court upheld the department's position, denying relief to the assessee and awarding no costs due to lack of representation. Case-Laws Income Tax Fri, 07 Apr 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36833