https://www.taxtmi.com/caselaws?id=270953 The Appellate Tribunal upheld the penalty imposed by the Assessing Officer under section 271(1)(c) of the Income Tax Act, 1961, on the Assessee for failing to disclose Rs. 5,38,854 as income. Despite the Assessee's argument of no intention to conceal income, the Tribunal found the undisclosed amount indicated non-disclosure, citing relevant case law. The Tribunal agreed with the Commissioner's reduction of the penalty to Rs. 1,25,306 and directed adjustment for any TDS deductions. Ultimately, the Tribunal dismissed the Assessee's appeal, affirming the penalty for non-disclosure of income. en-us Fri, 30 Oct 2015 00:00:00 +0530 Wed, 20 Jan 2016 18:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270953 The Appellate Tribunal upheld the penalty imposed by the Assessing Officer under section 271(1)(c) of the Income Tax Act, 1961, on the Assessee for failing to disclose Rs. 5,38,854 as income. Despite the Assessee's argument of no intention to conceal income, the Tribunal found the undisclosed amount indicated non-disclosure, citing relevant case law. The Tribunal agreed with the Commissioner's reduction of the penalty to Rs. 1,25,306 and directed adjustment for any TDS deductions. Ultimately, the Tribunal dismissed the Assessee's appeal, affirming the penalty for non-disclosure of income. Case-Laws Income Tax Fri, 30 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270953