https://www.taxtmi.com/caselaws?id=249519 The Tribunal upheld the penalty imposed on the assessee for concealment of income under Section 271(1)(c) of the Income Tax Act. The assessee's claim for deduction under Section 54 was deemed ineligible for a corporate entity, leading to the penalty of Rs. 41,00,754. Despite citing a Supreme Court decision, the Tribunal differentiated between debatable and patently wrong claims, concluding that the assessee's claim fell into the latter category. The Tribunal affirmed that the deliberate attempt to evade tax by making an inadmissible claim justified the penalty, dismissing the appeal and confirming the penalty imposed by the Assessing Officer and First Appellate Authority. en-us Wed, 02 Jul 2014 00:00:00 +0530 Wed, 16 Jul 2014 11:26:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249519 The Tribunal upheld the penalty imposed on the assessee for concealment of income under Section 271(1)(c) of the Income Tax Act. The assessee's claim for deduction under Section 54 was deemed ineligible for a corporate entity, leading to the penalty of Rs. 41,00,754. Despite citing a Supreme Court decision, the Tribunal differentiated between debatable and patently wrong claims, concluding that the assessee's claim fell into the latter category. The Tribunal affirmed that the deliberate attempt to evade tax by making an inadmissible claim justified the penalty, dismissing the appeal and confirming the penalty imposed by the Assessing Officer and First Appellate Authority. Case-Laws Income Tax Wed, 02 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249519