https://www.taxtmi.com/caselaws?id=169565 The Tribunal upheld the decision of the Commissioner of Income-tax (Appeals) confirming the penalty imposed by the Assessing Officer under section 271(1)(c) for concealing income by wrongly claiming bad debts as trading loss. The appeal by the assessee was dismissed, emphasizing that the nature of the advance was not for trading purposes but for acquiring a new business asset. The Tribunal found the claim lacked evidence, and the voluntary withdrawal during assessment did not absolve the assessee from penalty, agreeing with the Revenue's stance on tax evasion. en-us Wed, 15 Jan 2014 00:00:00 +0530 Wed, 25 Feb 2015 12:51:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=169565 The Tribunal upheld the decision of the Commissioner of Income-tax (Appeals) confirming the penalty imposed by the Assessing Officer under section 271(1)(c) for concealing income by wrongly claiming bad debts as trading loss. The appeal by the assessee was dismissed, emphasizing that the nature of the advance was not for trading purposes but for acquiring a new business asset. The Tribunal found the claim lacked evidence, and the voluntary withdrawal during assessment did not absolve the assessee from penalty, agreeing with the Revenue's stance on tax evasion. Case-Laws Income Tax Wed, 15 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=169565