https://www.taxtmi.com/caselaws?id=252781 The Tribunal upheld the AO's decision to levy a penalty of Rs. 9.65 lakhs under Section 271(1)(c) of the Income Tax Act, reversing the FAA's order that had deleted the penalty. The Tribunal found that the revised return filed by the assessee was not voluntary but was a result of the findings from the survey, indicating deliberate concealment of income. The Tribunal emphasized that the assessee's conduct and the circumstances collectively showed an intention to conceal true particulars of income. en-us Fri, 01 Aug 2014 00:00:00 +0530 Tue, 04 Nov 2014 06:05:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=252781 The Tribunal upheld the AO's decision to levy a penalty of Rs. 9.65 lakhs under Section 271(1)(c) of the Income Tax Act, reversing the FAA's order that had deleted the penalty. The Tribunal found that the revised return filed by the assessee was not voluntary but was a result of the findings from the survey, indicating deliberate concealment of income. The Tribunal emphasized that the assessee's conduct and the circumstances collectively showed an intention to conceal true particulars of income. Case-Laws Income Tax Fri, 01 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=252781