https://www.taxtmi.com/caselaws?id=235323 The Income-tax Appellate Tribunal confirmed the penalty under section 271(1)(c) of the Income-tax Act for concealment of income by an assessee who obtained only bills, not goods, from suppliers. The Tribunal overturned the Commissioner of Income-tax (Appeals)'s decision to delete the penalty, holding that the assessee's actions warranted penalty imposition. The court found that intentional concealment was evident, reinstating the penalty and ruling in favor of the Revenue. The orders of the Tribunal and the appellate authority were set aside, and the penalty was upheld. en-us Tue, 26 Apr 2011 00:00:00 +0530 Fri, 19 Jul 2013 07:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=235323 The Income-tax Appellate Tribunal confirmed the penalty under section 271(1)(c) of the Income-tax Act for concealment of income by an assessee who obtained only bills, not goods, from suppliers. The Tribunal overturned the Commissioner of Income-tax (Appeals)'s decision to delete the penalty, holding that the assessee's actions warranted penalty imposition. The court found that intentional concealment was evident, reinstating the penalty and ruling in favor of the Revenue. The orders of the Tribunal and the appellate authority were set aside, and the penalty was upheld. Case-Laws Income Tax Tue, 26 Apr 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=235323