https://www.taxtmi.com/caselaws?id=183857 The Tribunal upheld the penalty imposed by the Assessing Officer under section 271(1)(c) of the Income Tax Act, as confirmed by the CIT(A). The Tribunal found that the assessee failed to prove the existence of liabilities and furnished inaccurate particulars of income, leading to the concealment of income. The appeal was dismissed, emphasizing the assessee's lack of supporting evidence for liabilities and failure to provide creditor confirmations, resulting in the non-bona fide claim. en-us Wed, 24 Jul 2013 00:00:00 +0530 Thu, 23 Jun 2016 14:16:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183857 The Tribunal upheld the penalty imposed by the Assessing Officer under section 271(1)(c) of the Income Tax Act, as confirmed by the CIT(A). The Tribunal found that the assessee failed to prove the existence of liabilities and furnished inaccurate particulars of income, leading to the concealment of income. The appeal was dismissed, emphasizing the assessee's lack of supporting evidence for liabilities and failure to provide creditor confirmations, resulting in the non-bona fide claim. Case-Laws Income Tax Wed, 24 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183857