2001 (5) TMI 12 - HC - Income Tax

Summary

The High Court of Delhi declined to answer a question regarding the justification of a penalty for concealment imposed under section 271(1)(c) of the Income-tax Act, 1961. The court found that the explanation offered by the assessee was not acceptable, and the case was covered by the Explanation to clause (c) of the Act. The court concluded that the source of the loan obtained was not properly explained, and as such, no question of law arose from the Tribunal's order.