https://www.taxtmi.com/caselaws?id=205463 The Tribunal was justified in reversing the CIT(A)'s deletion of a penalty under Section 271(1)(c) of the Income Tax Act amounting to Rs. 10,01,684. The Tribunal found that the explanation provided by the assessee regarding unrecorded expenditures from the imprest account was incorrect and constituted undisclosed income. The court held that the AO had prima facie satisfaction of furnishing inaccurate particulars of income, leading to the dismissal of the appeal in favor of the Revenue. en-us Fri, 03 Jun 2011 00:00:00 +0530 Mon, 06 Jun 2011 13:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=205463 The Tribunal was justified in reversing the CIT(A)'s deletion of a penalty under Section 271(1)(c) of the Income Tax Act amounting to Rs. 10,01,684. The Tribunal found that the explanation provided by the assessee regarding unrecorded expenditures from the imprest account was incorrect and constituted undisclosed income. The court held that the AO had prima facie satisfaction of furnishing inaccurate particulars of income, leading to the dismissal of the appeal in favor of the Revenue. Case-Laws Income Tax Fri, 03 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=205463