https://www.taxtmi.com/caselaws?id=239234 The Tribunal upheld penalties imposed under Section 271(1)(c) of the Income-tax Act, 1961, for failure to file returns on time and concealment of income. The Tribunal rejected the applicability of Section 271AAA, ruling that income disclosed post-search was not voluntary but compelled. It found investments in immovable properties were concealed income due to not being part of regular accounts. The Tribunal reinstated the penalties, affirming concealment of income for both assessment years. The Revenue's appeals were allowed, confirming the penalties. en-us Tue, 30 Apr 2013 00:00:00 +0530 Sat, 09 Nov 2013 08:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=239234 The Tribunal upheld penalties imposed under Section 271(1)(c) of the Income-tax Act, 1961, for failure to file returns on time and concealment of income. The Tribunal rejected the applicability of Section 271AAA, ruling that income disclosed post-search was not voluntary but compelled. It found investments in immovable properties were concealed income due to not being part of regular accounts. The Tribunal reinstated the penalties, affirming concealment of income for both assessment years. The Revenue's appeals were allowed, confirming the penalties. Case-Laws Income Tax Tue, 30 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=239234