https://www.taxtmi.com/caselaws?id=60870 The Tribunal upheld the addition of Rs. 1,10,000 as income from undisclosed sources and confirmed the penalty under section 271(1)(c) for concealment of income. Despite the Assessee's arguments and evidence, the Tribunal found discrepancies in the bank manager's statements, rejected the common practice defense, and concluded that the penalty was justified due to the significant difference between the assessed and returned income, affirming the penalty under the Explanation to the Act. en-us Mon, 10 Aug 1992 00:00:00 +0530 Sat, 08 Jan 2011 13:45:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60870 The Tribunal upheld the addition of Rs. 1,10,000 as income from undisclosed sources and confirmed the penalty under section 271(1)(c) for concealment of income. Despite the Assessee's arguments and evidence, the Tribunal found discrepancies in the bank manager's statements, rejected the common practice defense, and concluded that the penalty was justified due to the significant difference between the assessed and returned income, affirming the penalty under the Explanation to the Act. Case-Laws Income Tax Mon, 10 Aug 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60870