https://www.taxtmi.com/caselaws?id=169941 The court upheld the penalty under section 271(1)(c) of the Income-tax Act, 1961, in a case involving a jewellery business where unaccounted assets were discovered during a search. The appellant's attempt to introduce additional evidence to shift ownership of the assets was rejected as an afterthought lacking credibility. The court affirmed the findings of the Assessing Officer, Commissioner of Income-tax (Appeals), and Tribunal, dismissing the appeal and concluding that no substantial question of law arose. The penalty for furnishing inaccurate particulars of income was upheld, emphasizing the lack of satisfactory explanation for the delayed evidence submission. en-us Mon, 15 Sep 2014 00:00:00 +0530 Tue, 12 May 2015 12:36:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=169941 The court upheld the penalty under section 271(1)(c) of the Income-tax Act, 1961, in a case involving a jewellery business where unaccounted assets were discovered during a search. The appellant's attempt to introduce additional evidence to shift ownership of the assets was rejected as an afterthought lacking credibility. The court affirmed the findings of the Assessing Officer, Commissioner of Income-tax (Appeals), and Tribunal, dismissing the appeal and concluding that no substantial question of law arose. The penalty for furnishing inaccurate particulars of income was upheld, emphasizing the lack of satisfactory explanation for the delayed evidence submission. Case-Laws Income Tax Mon, 15 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=169941