https://www.taxtmi.com/caselaws?id=254228 The High Court upheld the Tribunal's decision to impose a penalty of Rs. 40,09,083/- on the appellant for furnishing inaccurate particulars of income under Section 271(1)(c) of the Income Tax Act. The court found the explanation provided by the assessee for the erroneous claim of royalty payment to be lacking credibility, as the mistake was only acknowledged after detection during scrutiny. The court emphasized the burden of proof on the assessee to demonstrate no concealment or furnishing of inaccurate particulars, which was not satisfactorily discharged. The appeal was dismissed, with no substantial question of law identified, affirming the penalty imposition. en-us Tue, 02 Dec 2014 00:00:00 +0530 Wed, 12 Aug 2015 18:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254228 The High Court upheld the Tribunal's decision to impose a penalty of Rs. 40,09,083/- on the appellant for furnishing inaccurate particulars of income under Section 271(1)(c) of the Income Tax Act. The court found the explanation provided by the assessee for the erroneous claim of royalty payment to be lacking credibility, as the mistake was only acknowledged after detection during scrutiny. The court emphasized the burden of proof on the assessee to demonstrate no concealment or furnishing of inaccurate particulars, which was not satisfactorily discharged. The appeal was dismissed, with no substantial question of law identified, affirming the penalty imposition. Case-Laws Income Tax Tue, 02 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254228