https://www.taxtmi.com/caselaws?id=56934 The Tribunal upheld the CIT(A)'s decision to impose a penalty under Section 271(1)(c) for discrepancies in the assessee's income declarations. The penalty was upheld at the minimum rate of 100% of the tax sought to be avoided, amounting to Rs. 3,51,451. The explanations provided by the assessee for specific items were deemed not bona fide, leading to the penalty imposition. The Tribunal found no factual or legal infirmity in the decision and dismissed the appeal. en-us Thu, 25 Apr 1991 00:00:00 +0530 Tue, 07 Dec 2010 13:59:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56934 The Tribunal upheld the CIT(A)'s decision to impose a penalty under Section 271(1)(c) for discrepancies in the assessee's income declarations. The penalty was upheld at the minimum rate of 100% of the tax sought to be avoided, amounting to Rs. 3,51,451. The explanations provided by the assessee for specific items were deemed not bona fide, leading to the penalty imposition. The Tribunal found no factual or legal infirmity in the decision and dismissed the appeal. Case-Laws Income Tax Thu, 25 Apr 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56934