https://www.taxtmi.com/caselaws?id=214659 The Tribunal upheld the order of the CIT(A) and dismissed the appeal, confirming the penalty under section 271(1)(c) for concealment of income. The penalty was imposed due to the appellant's failure to comply with section 50C provisions in computing capital gains and the lack of a bonafide explanation for the discrepancies. The Tribunal emphasized that intentional concealment was not necessary for penalty imposition, citing the Supreme Court's ruling in Dharmendra Textile Processors case. en-us Wed, 30 May 2012 00:00:00 +0530 Wed, 11 Jul 2012 08:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214659 The Tribunal upheld the order of the CIT(A) and dismissed the appeal, confirming the penalty under section 271(1)(c) for concealment of income. The penalty was imposed due to the appellant's failure to comply with section 50C provisions in computing capital gains and the lack of a bonafide explanation for the discrepancies. The Tribunal emphasized that intentional concealment was not necessary for penalty imposition, citing the Supreme Court's ruling in Dharmendra Textile Processors case. Case-Laws Income Tax Wed, 30 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214659