https://www.taxtmi.com/caselaws?id=207498 The ITAT upheld the penalty imposed under Section 271(1)(c) for concealment of income. The discrepancy in stock valuation found during the survey, the failure to substantiate the claim, and the deliberate act of enhancing the opening stock to nullify the effect of excess stock led to the conclusion that the assessee concealed income. The appeal of the assessee was dismissed, confirming the levy of penalty. en-us Tue, 27 Sep 2011 00:00:00 +0530 Wed, 14 Dec 2011 10:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=207498 The ITAT upheld the penalty imposed under Section 271(1)(c) for concealment of income. The discrepancy in stock valuation found during the survey, the failure to substantiate the claim, and the deliberate act of enhancing the opening stock to nullify the effect of excess stock led to the conclusion that the assessee concealed income. The appeal of the assessee was dismissed, confirming the levy of penalty. Case-Laws Income Tax Tue, 27 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=207498