https://www.taxtmi.com/caselaws?id=245993 The Tribunal allowed the Revenue's appeal, reinstating the penalty of Rs. 4,91,124/- imposed by the Assessing Officer under Section 271(1)(c) of the Income Tax Act. The Tribunal found that the assessee engaged in bogus transactions to evade tax, and the revised return was deemed not voluntary but made under compulsion after detection by the Assessing Officer. Therefore, the penalty was upheld based on the established involvement in fraudulent activities. en-us Thu, 27 Mar 2014 00:00:00 +0530 Sun, 13 Apr 2014 21:14:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=245993 The Tribunal allowed the Revenue's appeal, reinstating the penalty of Rs. 4,91,124/- imposed by the Assessing Officer under Section 271(1)(c) of the Income Tax Act. The Tribunal found that the assessee engaged in bogus transactions to evade tax, and the revised return was deemed not voluntary but made under compulsion after detection by the Assessing Officer. Therefore, the penalty was upheld based on the established involvement in fraudulent activities. Case-Laws Income Tax Thu, 27 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=245993