https://www.taxtmi.com/caselaws?id=56778 The Tribunal upheld the penalty imposed by the ITO under section 271(1)(c) for undisclosed income, despite the assessee's surrender during assessment proceedings. The Tribunal emphasized the burden on the assessee to substantiate explanations and provide evidence, highlighting the unreliability of uncontroverted affidavits. The Tribunal dismissed the appeal, affirming the penalty under section 271(1)(c) with Explanation 1, as the assessee failed to meet statutory requirements to prove the bona fide nature of the explanation provided. The penalty was upheld, with no basis for further reduction as requested by the assessee's counsel. en-us Fri, 04 Jul 1986 00:00:00 +0530 Mon, 06 Dec 2010 16:50:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56778 The Tribunal upheld the penalty imposed by the ITO under section 271(1)(c) for undisclosed income, despite the assessee's surrender during assessment proceedings. The Tribunal emphasized the burden on the assessee to substantiate explanations and provide evidence, highlighting the unreliability of uncontroverted affidavits. The Tribunal dismissed the appeal, affirming the penalty under section 271(1)(c) with Explanation 1, as the assessee failed to meet statutory requirements to prove the bona fide nature of the explanation provided. The penalty was upheld, with no basis for further reduction as requested by the assessee's counsel. Case-Laws Income Tax Fri, 04 Jul 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56778