https://www.taxtmi.com/caselaws?id=264329 The ITAT allowed the revenue's appeal, reinstating the penalty of Rs. 4,10,923/- imposed under Section 271(1)(c) for concealment of income and furnishing inaccurate particulars of income, based on specific additions related to unverifiable purchases. The ITAT emphasized the specificity of the AO's findings and the lack of bona fide explanation from the assessee, thus validating the penalty under the provisions of Section 271(1)(c) and its Explanation 1(B). en-us Fri, 05 Jun 2015 00:00:00 +0530 Mon, 09 Nov 2015 12:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=264329 The ITAT allowed the revenue's appeal, reinstating the penalty of Rs. 4,10,923/- imposed under Section 271(1)(c) for concealment of income and furnishing inaccurate particulars of income, based on specific additions related to unverifiable purchases. The ITAT emphasized the specificity of the AO's findings and the lack of bona fide explanation from the assessee, thus validating the penalty under the provisions of Section 271(1)(c) and its Explanation 1(B). Case-Laws Income Tax Fri, 05 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=264329