https://www.taxtmi.com/caselaws?id=71314 The Tribunal upheld the penalty imposed under section 271(1)(c) for concealment of income and furnishing inaccurate particulars. It found the assessee's claim of depreciation on forging rolls to be non-genuine, the transaction with M/s. Prakash Industries Ltd. as a sham, and the explanation provided by the assessee as not bona fide. The Tribunal determined that the assessee failed to disclose all material facts and lacked credible evidence to support its claim, resulting in the confirmation of the penalty. en-us Fri, 24 Nov 2006 00:00:00 +0530 Fri, 14 Jun 2013 10:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71314 The Tribunal upheld the penalty imposed under section 271(1)(c) for concealment of income and furnishing inaccurate particulars. It found the assessee's claim of depreciation on forging rolls to be non-genuine, the transaction with M/s. Prakash Industries Ltd. as a sham, and the explanation provided by the assessee as not bona fide. The Tribunal determined that the assessee failed to disclose all material facts and lacked credible evidence to support its claim, resulting in the confirmation of the penalty. Case-Laws Income Tax Fri, 24 Nov 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71314