https://www.taxtmi.com/caselaws?id=328266 The Tribunal allowed both appeals, holding that the penalties of Rs. 11,010/- and Rs. 33,300/- imposed under section 271(1)(c) of the Income Tax Act, 1961 for the respective assessment years were unjustified. The penalties were deleted as the Tribunal found that the undisclosed income declared before the Settlement Commission did not amount to concealment or furnishing inaccurate particulars, and the penalties lacked sufficient substantiation due to the failure to prove the expenditure for the employer's business. en-us Fri, 29 Jan 2016 00:00:00 +0530 Tue, 31 May 2016 11:36:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328266 The Tribunal allowed both appeals, holding that the penalties of Rs. 11,010/- and Rs. 33,300/- imposed under section 271(1)(c) of the Income Tax Act, 1961 for the respective assessment years were unjustified. The penalties were deleted as the Tribunal found that the undisclosed income declared before the Settlement Commission did not amount to concealment or furnishing inaccurate particulars, and the penalties lacked sufficient substantiation due to the failure to prove the expenditure for the employer's business. Case-Laws Income Tax Fri, 29 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328266