https://www.taxtmi.com/caselaws?id=270736 The ITAT upheld the penalty imposed under Section 271(1)(c) of the Income Tax Act, confirming additions for undisclosed investment in a plot and unexplained cash deposits. The Tribunal found concrete evidence during a survey and deemed the assessee's explanations not bona fide. The penalty of Rs. 1.84 lacs was confirmed, relying on the Supreme Court judgment in CIT vs. Mac Data (P) Ltd. The appeal was dismissed, affirming the penalty imposition. en-us Wed, 21 Oct 2015 00:00:00 +0530 Wed, 13 Jan 2016 17:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270736 The ITAT upheld the penalty imposed under Section 271(1)(c) of the Income Tax Act, confirming additions for undisclosed investment in a plot and unexplained cash deposits. The Tribunal found concrete evidence during a survey and deemed the assessee's explanations not bona fide. The penalty of Rs. 1.84 lacs was confirmed, relying on the Supreme Court judgment in CIT vs. Mac Data (P) Ltd. The appeal was dismissed, affirming the penalty imposition. Case-Laws Income Tax Wed, 21 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270736