https://www.taxtmi.com/caselaws?id=182706 The Tribunal upheld the penalty imposed under section 271(1)(c) of the Income-tax Act on the assessee for concealment of income by not disclosing substantial withdrawals from the partnership firm's capital account. The Tribunal found the partnership firm's formation to be a tax avoidance scheme rather than for genuine business purposes. The Explanation 1 to section 271(1)(c) was deemed applicable due to the false and unsubstantiated explanations provided by the assessee. The penalty was reinstated, overturning the earlier cancellation by the CIT(A). en-us Tue, 30 Oct 2001 00:00:00 +0530 Wed, 18 May 2016 10:19:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=182706 The Tribunal upheld the penalty imposed under section 271(1)(c) of the Income-tax Act on the assessee for concealment of income by not disclosing substantial withdrawals from the partnership firm's capital account. The Tribunal found the partnership firm's formation to be a tax avoidance scheme rather than for genuine business purposes. The Explanation 1 to section 271(1)(c) was deemed applicable due to the false and unsubstantiated explanations provided by the assessee. The penalty was reinstated, overturning the earlier cancellation by the CIT(A). Case-Laws Income Tax Tue, 30 Oct 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=182706