https://www.taxtmi.com/caselaws?id=65511 The Tribunal upheld the penalty imposed by the AO and confirmed by the CIT(A) for the assessment years 1994-95 and 1995-96. The penalty under section 271(1)(c) was justified due to the significant and unexplained difference in the cost of construction of a factory building. The Tribunal dismissed the appeals, finding no reason to interfere with the lower authorities' decisions. The validity of the reassessment proceedings under section 148 was deemed valid, as the assessment itself was upheld, and the argument against the reassessment did not impact the penalty imposition. en-us Fri, 07 Nov 2008 00:00:00 +0530 Mon, 06 Aug 2012 13:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65511 The Tribunal upheld the penalty imposed by the AO and confirmed by the CIT(A) for the assessment years 1994-95 and 1995-96. The penalty under section 271(1)(c) was justified due to the significant and unexplained difference in the cost of construction of a factory building. The Tribunal dismissed the appeals, finding no reason to interfere with the lower authorities' decisions. The validity of the reassessment proceedings under section 148 was deemed valid, as the assessment itself was upheld, and the argument against the reassessment did not impact the penalty imposition. Case-Laws Income Tax Fri, 07 Nov 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65511