https://www.taxtmi.com/caselaws?id=221147 The Tribunal upheld the penalty imposed under Section 271(1)(c) of the Income-tax Act for the assessment years 2001-2002 and 2002-2003, citing concealment of income and filing of inaccurate particulars by the assessee. The compensation received was deemed a revenue receipt taxable under Section 28(ii)(c) as it was for the loss of income from clients. The assessee's failure to adequately disclose the compensation in its return of income and lack of substantiation led to the penalty being upheld, resulting in the dismissal of the appeals for both assessment years. en-us Wed, 07 Nov 2012 00:00:00 +0530 Mon, 25 Feb 2013 10:10:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=221147 The Tribunal upheld the penalty imposed under Section 271(1)(c) of the Income-tax Act for the assessment years 2001-2002 and 2002-2003, citing concealment of income and filing of inaccurate particulars by the assessee. The compensation received was deemed a revenue receipt taxable under Section 28(ii)(c) as it was for the loss of income from clients. The assessee's failure to adequately disclose the compensation in its return of income and lack of substantiation led to the penalty being upheld, resulting in the dismissal of the appeals for both assessment years. Case-Laws Income Tax Wed, 07 Nov 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=221147