https://www.taxtmi.com/caselaws?id=180873 The Tribunal upheld the penalty under section 271(1)(c) of the Income Tax Act for the assessment year 2003-04. The penalty was imposed due to the assessee's concealment of facts and filing inaccurate particulars regarding advances treated as deemed dividends under section 2(22)(e). The Tribunal found that the assessee failed to provide necessary documentation supporting the claim that the advances were for commercial space allotment, leading to the confirmation of the penalty and a direction to the Assessing Officer to recalculate the penalty amount. en-us Wed, 05 Feb 2014 00:00:00 +0530 Mon, 04 Apr 2016 09:13:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180873 The Tribunal upheld the penalty under section 271(1)(c) of the Income Tax Act for the assessment year 2003-04. The penalty was imposed due to the assessee's concealment of facts and filing inaccurate particulars regarding advances treated as deemed dividends under section 2(22)(e). The Tribunal found that the assessee failed to provide necessary documentation supporting the claim that the advances were for commercial space allotment, leading to the confirmation of the penalty and a direction to the Assessing Officer to recalculate the penalty amount. Case-Laws Income Tax Wed, 05 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180873