https://www.taxtmi.com/caselaws?id=261362 The Tribunal confirmed the levy of penalty under section 271(1)(c) for Assessment Year 2007-08, rejecting the assessee's claim under Explanation 5. The penalty, set at 100% of the tax sought to be evaded, was upheld due to the assessee's failure to provide a satisfactory explanation for unexplained jewellery, deemed gifts without proper substantiation. The Tribunal partially allowed the appeal, making a minor correction to the assessed income amount. The final order was issued on 22/06/2015. en-us Mon, 22 Jun 2015 00:00:00 +0530 Fri, 10 Jul 2015 06:29:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261362 The Tribunal confirmed the levy of penalty under section 271(1)(c) for Assessment Year 2007-08, rejecting the assessee's claim under Explanation 5. The penalty, set at 100% of the tax sought to be evaded, was upheld due to the assessee's failure to provide a satisfactory explanation for unexplained jewellery, deemed gifts without proper substantiation. The Tribunal partially allowed the appeal, making a minor correction to the assessed income amount. The final order was issued on 22/06/2015. Case-Laws Income Tax Mon, 22 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261362