https://www.taxtmi.com/caselaws?id=179792 The Tribunal confirmed the penalty of Rs. 9,80,628 under section 271(1)(c) of the IT Act for undisclosed income from investments in mutual funds. The assessee's explanation regarding the source of funds used for investments was deemed unsatisfactory, leading to the upheld penalty levy. The Tribunal rejected the arguments presented by the assessee and concluded that the penalty was justified as the source of funds for investments was not substantiated. The appeal was dismissed, affirming the penalty imposition. en-us Thu, 09 Jul 2009 00:00:00 +0530 Wed, 09 Mar 2016 18:13:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179792 The Tribunal confirmed the penalty of Rs. 9,80,628 under section 271(1)(c) of the IT Act for undisclosed income from investments in mutual funds. The assessee's explanation regarding the source of funds used for investments was deemed unsatisfactory, leading to the upheld penalty levy. The Tribunal rejected the arguments presented by the assessee and concluded that the penalty was justified as the source of funds for investments was not substantiated. The appeal was dismissed, affirming the penalty imposition. Case-Laws Income Tax Thu, 09 Jul 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179792