https://www.taxtmi.com/caselaws?id=329499 The ITAT upheld the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961, on the assessee for concealing income and furnishing inaccurate particulars. The penalty of Rs. 74,810 was confirmed, as the assessee's unaccounted sales were substantiated by evidence found during a survey, indicating deliberate concealment of income. The ITAT rejected the assessee's arguments against deemed income and estimates, emphasizing the clear evidence of unaccounted sales and the assessee's acknowledgment of these transactions during the proceedings. en-us Tue, 07 Jun 2016 00:00:00 +0530 Sat, 02 Jul 2016 17:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329499 The ITAT upheld the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961, on the assessee for concealing income and furnishing inaccurate particulars. The penalty of Rs. 74,810 was confirmed, as the assessee's unaccounted sales were substantiated by evidence found during a survey, indicating deliberate concealment of income. The ITAT rejected the assessee's arguments against deemed income and estimates, emphasizing the clear evidence of unaccounted sales and the assessee's acknowledgment of these transactions during the proceedings. Case-Laws Income Tax Tue, 07 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329499