https://www.taxtmi.com/caselaws?id=155031 The Tribunal upheld the penalty imposed under section 271(1)(c) for concealment of income and furnishing inaccurate particulars. The assessee's claim of exemption under section 10(38) was deemed invalid due to the failure to pay securities transaction tax (STT) on the sale of shares. The surrender of income was found to be non-voluntary, and the explanation provided for the error was deemed insufficient. The Tribunal dismissed the cross-objections and allowed the penalty proceedings to stand, applying the decision to all related appeals. en-us Fri, 28 Jan 2011 00:00:00 +0530 Sat, 31 Aug 2013 11:57:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=155031 The Tribunal upheld the penalty imposed under section 271(1)(c) for concealment of income and furnishing inaccurate particulars. The assessee's claim of exemption under section 10(38) was deemed invalid due to the failure to pay securities transaction tax (STT) on the sale of shares. The surrender of income was found to be non-voluntary, and the explanation provided for the error was deemed insufficient. The Tribunal dismissed the cross-objections and allowed the penalty proceedings to stand, applying the decision to all related appeals. Case-Laws Income Tax Fri, 28 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=155031