https://www.taxtmi.com/caselaws?id=237711 The Allahabad High Court, in an appeal under Section 260-A of the Income Tax Act, 1961, upheld the imposition of a penalty of Rs. 9,75,500 under section 271(1)(c) against an assessee engaged in pharmaceutical exports and share trading for the assessment year 2001-02. The Court found the expenses claimed to be unsupported and bogus, emphasizing the lack of evidence for certain expenditures. It concluded that the concealment of facts justified the penalty, ruling in favor of the revenue and dismissing the appeal, highlighting the importance of substantiating expenses in tax returns and consequences of concealment. en-us Thu, 03 Oct 2013 00:00:00 +0530 Sat, 05 Oct 2013 08:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=237711 The Allahabad High Court, in an appeal under Section 260-A of the Income Tax Act, 1961, upheld the imposition of a penalty of Rs. 9,75,500 under section 271(1)(c) against an assessee engaged in pharmaceutical exports and share trading for the assessment year 2001-02. The Court found the expenses claimed to be unsupported and bogus, emphasizing the lack of evidence for certain expenditures. It concluded that the concealment of facts justified the penalty, ruling in favor of the revenue and dismissing the appeal, highlighting the importance of substantiating expenses in tax returns and consequences of concealment. Case-Laws Income Tax Thu, 03 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=237711