https://www.taxtmi.com/caselaws?id=177155 The tribunal upheld the penalty imposed under Section 271(1)(c) of the Income Tax Act as the assessee failed to disclose a bank account with significant deposits and provide a credible explanation. The burden of proof was on the assessee to substantiate the explanation, which was not met. Legal precedents and statutory amendments supported the penalty imposition, emphasizing strict civil liability without the need for proof of intent. The appeal was dismissed, affirming the CIT(A)'s penalty confirmation. en-us Thu, 26 Sep 2013 00:00:00 +0530 Sat, 05 Nov 2016 22:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177155 The tribunal upheld the penalty imposed under Section 271(1)(c) of the Income Tax Act as the assessee failed to disclose a bank account with significant deposits and provide a credible explanation. The burden of proof was on the assessee to substantiate the explanation, which was not met. Legal precedents and statutory amendments supported the penalty imposition, emphasizing strict civil liability without the need for proof of intent. The appeal was dismissed, affirming the CIT(A)'s penalty confirmation. Case-Laws Income Tax Thu, 26 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177155