https://www.taxtmi.com/caselaws?id=218996 The Tribunal upheld the penalty imposed under Section 271(1)(c) of the Income-tax Act, amounting to Rs. 3,05,834, on the assessee for furnishing inaccurate particulars of income. The penalty was based on the undisclosed bank account with substantial transactions that the assessee failed to explain satisfactorily. Despite the assessee's offer of additional income to avoid litigation, the AO proceeded with penalty proceedings, which were upheld by the CIT(A) and the Tribunal. The decision highlighted the assessee's failure to discharge the burden of proof regarding the undisclosed income, leading to the confirmation of the penalty. en-us Fri, 20 Jul 2012 00:00:00 +0530 Wed, 12 Sep 2012 12:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218996 The Tribunal upheld the penalty imposed under Section 271(1)(c) of the Income-tax Act, amounting to Rs. 3,05,834, on the assessee for furnishing inaccurate particulars of income. The penalty was based on the undisclosed bank account with substantial transactions that the assessee failed to explain satisfactorily. Despite the assessee's offer of additional income to avoid litigation, the AO proceeded with penalty proceedings, which were upheld by the CIT(A) and the Tribunal. The decision highlighted the assessee's failure to discharge the burden of proof regarding the undisclosed income, leading to the confirmation of the penalty. Case-Laws Income Tax Fri, 20 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218996