https://www.taxtmi.com/caselaws?id=204542 The Tribunal upheld the penalty imposed under Section 271(1)(c) of the Income-tax Act, finding that the assessee failed to disclose all relevant facts necessary for determining total income. The claim of set off of loss against profit was deemed inaccurate, and the applicability of Section 94(7) was upheld due to lack of disclosure of essential transaction details. Despite citing case laws, the Tribunal concluded the claim was not bona fide, leading to the dismissal of the appeal and affirmation of the penalty. en-us Fri, 14 May 2010 00:00:00 +0530 Sat, 01 Jun 2013 16:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=204542 The Tribunal upheld the penalty imposed under Section 271(1)(c) of the Income-tax Act, finding that the assessee failed to disclose all relevant facts necessary for determining total income. The claim of set off of loss against profit was deemed inaccurate, and the applicability of Section 94(7) was upheld due to lack of disclosure of essential transaction details. Despite citing case laws, the Tribunal concluded the claim was not bona fide, leading to the dismissal of the appeal and affirmation of the penalty. Case-Laws Income Tax Fri, 14 May 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=204542