https://www.taxtmi.com/caselaws?id=330239 The appeal was dismissed, and the penalty under Section 271(1)(c) of the Income Tax Act, 1961 was upheld by the Tribunal. The Tribunal found that the appellant's explanations lacked merit and did not align with the provisions of the law, emphasizing the importance of providing a bona fide explanation and accurate disclosure of material facts to avoid penalties. The decision was finalized on June 30, 2016. en-us Thu, 30 Jun 2016 00:00:00 +0530 Thu, 21 Jul 2016 10:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330239 The appeal was dismissed, and the penalty under Section 271(1)(c) of the Income Tax Act, 1961 was upheld by the Tribunal. The Tribunal found that the appellant's explanations lacked merit and did not align with the provisions of the law, emphasizing the importance of providing a bona fide explanation and accurate disclosure of material facts to avoid penalties. The decision was finalized on June 30, 2016. Case-Laws Income Tax Thu, 30 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330239