https://www.taxtmi.com/caselaws?id=261601 The Tribunal upheld the levy of penalty under section 271(1)(c) for both assessment years, confirming that the assessee had concealed income and furnished inaccurate particulars. However, the penalty was directed to be recalculated based on the income being classified as long-term capital gain, resulting in a lower tax liability. The appeals were partly allowed, with the quantum of penalty being the only modification. en-us Tue, 30 Jun 2015 00:00:00 +0530 Fri, 17 Jul 2015 10:08:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261601 The Tribunal upheld the levy of penalty under section 271(1)(c) for both assessment years, confirming that the assessee had concealed income and furnished inaccurate particulars. However, the penalty was directed to be recalculated based on the income being classified as long-term capital gain, resulting in a lower tax liability. The appeals were partly allowed, with the quantum of penalty being the only modification. Case-Laws Income Tax Tue, 30 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261601