https://www.taxtmi.com/caselaws?id=37561 The High Court upheld the imposition of a penalty under section 271(1)(c) of the Income Tax Act, 1961, on the assessee for concealment of income or gross negligence in failing to prove the actual construction cost of a house. Relying on previous court decisions, the court found the Explanation to section 271(1) applicable to the relevant assessment year, leading to the penalty being upheld in favor of the revenue. Judge C. K. Banerji concurred with the decision, affirming the ruling of the High Court. en-us Tue, 13 Feb 1979 00:00:00 +0530 Tue, 30 Mar 2010 15:38:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37561 The High Court upheld the imposition of a penalty under section 271(1)(c) of the Income Tax Act, 1961, on the assessee for concealment of income or gross negligence in failing to prove the actual construction cost of a house. Relying on previous court decisions, the court found the Explanation to section 271(1) applicable to the relevant assessment year, leading to the penalty being upheld in favor of the revenue. Judge C. K. Banerji concurred with the decision, affirming the ruling of the High Court. Case-Laws Income Tax Tue, 13 Feb 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37561