https://www.taxtmi.com/caselaws?id=213814 The Tribunal upheld the penalty imposed under Section 271(1)(c) of the Income Tax Act on the assessee for concealing income related to the premium received on renunciation of right shares. The penalty, initially imposed by the Assessing Officer, was reduced to 100% of the tax sought to be evaded by the Commissioner of Income Tax (Appeals). The Tribunal found that the assessee failed to disclose the nature of the premium in the return of income, leading to inaccurate particulars. The appeal by the assessee was dismissed, affirming the penalty decision. en-us Tue, 17 Apr 2012 00:00:00 +0530 Wed, 06 Jun 2012 15:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213814 The Tribunal upheld the penalty imposed under Section 271(1)(c) of the Income Tax Act on the assessee for concealing income related to the premium received on renunciation of right shares. The penalty, initially imposed by the Assessing Officer, was reduced to 100% of the tax sought to be evaded by the Commissioner of Income Tax (Appeals). The Tribunal found that the assessee failed to disclose the nature of the premium in the return of income, leading to inaccurate particulars. The appeal by the assessee was dismissed, affirming the penalty decision. Case-Laws Income Tax Tue, 17 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213814