https://www.taxtmi.com/caselaws?id=214378 The court upheld the penalty imposed under section 271(1)(c) of the Income-tax Act, ruling in favor of the Revenue and against the assessee. The penalty was deemed justified as the assessee failed to substantiate explanations regarding the differential costs as undisclosed income, indicating deliberate concealment of income. Despite the assessment on undisclosed income being set aside by the Appellate Tribunal, the penalty was affirmed due to the lack of supporting evidence and false claims made by the assessee. en-us Mon, 26 Jul 2010 00:00:00 +0530 Fri, 29 Jun 2012 05:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214378 The court upheld the penalty imposed under section 271(1)(c) of the Income-tax Act, ruling in favor of the Revenue and against the assessee. The penalty was deemed justified as the assessee failed to substantiate explanations regarding the differential costs as undisclosed income, indicating deliberate concealment of income. Despite the assessment on undisclosed income being set aside by the Appellate Tribunal, the penalty was affirmed due to the lack of supporting evidence and false claims made by the assessee. Case-Laws Income Tax Mon, 26 Jul 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214378