https://www.taxtmi.com/caselaws?id=117523 The Tribunal upheld the levy of penalty under section 271(1)(c) for concealment of income against the assessee, amounting to Rs. 41,40,000. The decision was based on the findings that the assessee provided inaccurate particulars of income by justifying unsupported Bottler's support expenses and bogus purchases. Despite the assessed income being a loss, the Tribunal ruled that penalties could still be imposed, following the precedent set by the Hon'ble Bombay High Court in a similar case. The appeal by the assessee was dismissed, affirming the penalty imposition. en-us Tue, 24 May 2005 00:00:00 +0530 Sat, 23 Jun 2012 12:05:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=117523 The Tribunal upheld the levy of penalty under section 271(1)(c) for concealment of income against the assessee, amounting to Rs. 41,40,000. The decision was based on the findings that the assessee provided inaccurate particulars of income by justifying unsupported Bottler's support expenses and bogus purchases. Despite the assessed income being a loss, the Tribunal ruled that penalties could still be imposed, following the precedent set by the Hon'ble Bombay High Court in a similar case. The appeal by the assessee was dismissed, affirming the penalty imposition. Case-Laws Income Tax Tue, 24 May 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=117523