https://www.taxtmi.com/caselaws?id=329500 The Tribunal upheld the CIT(A)'s decision to levy a penalty under section 271(1)(c) of the Income Tax Act, 1961, amounting to Rs. 1,73,954. The penalty was imposed due to the addition of Rs. 5,11,785 to the assessee's income based on an estimation of Gross Profit. The Tribunal found that the assessee failed to provide sufficient evidence to counter the findings of deliberate concealment of income and inaccurate particulars, leading to the confirmation of the penalty. en-us Tue, 07 Jun 2016 00:00:00 +0530 Sat, 02 Jul 2016 18:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329500 The Tribunal upheld the CIT(A)'s decision to levy a penalty under section 271(1)(c) of the Income Tax Act, 1961, amounting to Rs. 1,73,954. The penalty was imposed due to the addition of Rs. 5,11,785 to the assessee's income based on an estimation of Gross Profit. The Tribunal found that the assessee failed to provide sufficient evidence to counter the findings of deliberate concealment of income and inaccurate particulars, leading to the confirmation of the penalty. Case-Laws Income Tax Tue, 07 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329500