https://www.taxtmi.com/caselaws?id=249914 The Tribunal upheld the penalty under section 271(1)(c) of the Income Tax Act, 1961 for A.Y. 2003-04 against the appellant, a doctor, for disallowed interest claim and alleged suppression of income. The penalty was confirmed due to the appellant's failure to provide a satisfactory explanation for the interest claim and income suppression, as per Explanation 1 to section 271(1)(c). The Tribunal emphasized the necessity of substantiated explanations to avoid penalties, dismissing the appellant's appeal and upholding the penalty. en-us Tue, 15 Jul 2014 00:00:00 +0530 Wed, 23 Jul 2014 11:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249914 The Tribunal upheld the penalty under section 271(1)(c) of the Income Tax Act, 1961 for A.Y. 2003-04 against the appellant, a doctor, for disallowed interest claim and alleged suppression of income. The penalty was confirmed due to the appellant's failure to provide a satisfactory explanation for the interest claim and income suppression, as per Explanation 1 to section 271(1)(c). The Tribunal emphasized the necessity of substantiated explanations to avoid penalties, dismissing the appellant's appeal and upholding the penalty. Case-Laws Income Tax Tue, 15 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249914