https://www.taxtmi.com/caselaws?id=60134 The Tribunal upheld the imposition of a penalty under section 271(1)(c) of the Income Tax Act but reduced the penalty amount to Rs. 7,35,000 from Rs. 14,70,000. The Tribunal found the explanation provided by the assessee regarding the source of 2,100 shares to be unacceptable and imposed the penalty based on the surrendered amount, stating that proving mens rea was not necessary for penalty imposition. The penalty was reduced due to the assessee's cooperation with revenue authorities. en-us Thu, 25 Oct 2001 00:00:00 +0530 Mon, 03 Jan 2011 18:14:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60134 The Tribunal upheld the imposition of a penalty under section 271(1)(c) of the Income Tax Act but reduced the penalty amount to Rs. 7,35,000 from Rs. 14,70,000. The Tribunal found the explanation provided by the assessee regarding the source of 2,100 shares to be unacceptable and imposed the penalty based on the surrendered amount, stating that proving mens rea was not necessary for penalty imposition. The penalty was reduced due to the assessee's cooperation with revenue authorities. Case-Laws Income Tax Thu, 25 Oct 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60134