https://www.taxtmi.com/caselaws?id=331517 The appeal challenging the penalty confirmation under section 271(1)(c) of the Income Tax Act, 1961 for Assessment Year 2001-02 was dismissed. The Appellate Tribunal ITAT Mumbai upheld the penalty imposed, affirming the CIT(A)'s decision that the appellant concealed income by not disclosing a Short Term Capital Gain of Rs. 8 lakhs received in cash from the sale of flats. The total income concealed was found to be Rs. 14,78,228, leading to a penalty of Rs. 4,88,438. The judgment was pronounced on 8th July 2016. en-us Fri, 08 Jul 2016 00:00:00 +0530 Fri, 26 Aug 2016 13:27:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331517 The appeal challenging the penalty confirmation under section 271(1)(c) of the Income Tax Act, 1961 for Assessment Year 2001-02 was dismissed. The Appellate Tribunal ITAT Mumbai upheld the penalty imposed, affirming the CIT(A)'s decision that the appellant concealed income by not disclosing a Short Term Capital Gain of Rs. 8 lakhs received in cash from the sale of flats. The total income concealed was found to be Rs. 14,78,228, leading to a penalty of Rs. 4,88,438. The judgment was pronounced on 8th July 2016. Case-Laws Income Tax Fri, 08 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331517