https://www.taxtmi.com/caselaws?id=215266 The ITAT upheld the penalty under section 271(1)(c) for inaccurate particulars/concealment of income, reversing the Ld. CIT(A)'s decision to delete the penalty. The ITAT found the assessee's conduct in claiming a deduction for provision for risk inventory not to be bonafide, leading to the concealment of income. Therefore, the penalty of Rs.7,87,968/- was confirmed, in line with the Revenue's appeal and the original A.O.'s penalty order. en-us Wed, 06 Jun 2012 00:00:00 +0530 Sat, 14 Jul 2012 13:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215266 The ITAT upheld the penalty under section 271(1)(c) for inaccurate particulars/concealment of income, reversing the Ld. CIT(A)'s decision to delete the penalty. The ITAT found the assessee's conduct in claiming a deduction for provision for risk inventory not to be bonafide, leading to the concealment of income. Therefore, the penalty of Rs.7,87,968/- was confirmed, in line with the Revenue's appeal and the original A.O.'s penalty order. Case-Laws Income Tax Wed, 06 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215266