https://www.taxtmi.com/caselaws?id=68886 The appeals filed by International Furniture Industries for asset years 1970-71 to 1973-74 were partly allowed. The Tribunal upheld the revisions and assessments made by the assessing authority, finding the additions and penalties justified due to unaccounted transactions and lack of explanations. However, the penalties imposed were reduced from 100% to 50% for all four assessments. The Tribunal concluded that the revisions were valid under the Income Tax Act, emphasizing the importance of providing detailed responses and accounting for transactions to avoid penalties. en-us Mon, 21 Jun 1976 00:00:00 +0530 Sat, 02 Apr 2011 12:14:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68886 The appeals filed by International Furniture Industries for asset years 1970-71 to 1973-74 were partly allowed. The Tribunal upheld the revisions and assessments made by the assessing authority, finding the additions and penalties justified due to unaccounted transactions and lack of explanations. However, the penalties imposed were reduced from 100% to 50% for all four assessments. The Tribunal concluded that the revisions were valid under the Income Tax Act, emphasizing the importance of providing detailed responses and accounting for transactions to avoid penalties. Case-Laws Income Tax Mon, 21 Jun 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68886