https://www.taxtmi.com/caselaws?id=263505 The Tribunal upheld the penalty imposed under section 271(1)(c) of the Income Tax Act against the assessee for concealing income by falsely claiming capital expenditure as revenue expenditure. The Tribunal found that the expenses related to the new project were capital in nature, and the assessee failed to provide sufficient evidence to support the claimed deductions. Legal precedents emphasized the burden of proof on the assessee to justify deductions, leading to the dismissal of both the assessee's and revenue's appeals. en-us Tue, 11 Aug 2015 00:00:00 +0530 Fri, 04 Sep 2015 07:49:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263505 The Tribunal upheld the penalty imposed under section 271(1)(c) of the Income Tax Act against the assessee for concealing income by falsely claiming capital expenditure as revenue expenditure. The Tribunal found that the expenses related to the new project were capital in nature, and the assessee failed to provide sufficient evidence to support the claimed deductions. Legal precedents emphasized the burden of proof on the assessee to justify deductions, leading to the dismissal of both the assessee's and revenue's appeals. Case-Laws Income Tax Tue, 11 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263505