https://www.taxtmi.com/caselaws?id=332181 The Tribunal upheld the penalty under section 271(1)(c) of the Income-tax Act, 1961, against the assessee for concealing income. The revised returns filed out of time were deemed invalid, and the income was correctly assessed in the individual capacity of the assessee, not as an Association of Persons (AOP). The Tribunal found the explanations provided by the assessee for non-disclosure of income to be improbable and lacking bonafide intent. Consequently, the appeal was dismissed, affirming the penalty for income concealment. en-us Tue, 31 May 2016 00:00:00 +0530 Mon, 12 Sep 2016 16:37:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332181 The Tribunal upheld the penalty under section 271(1)(c) of the Income-tax Act, 1961, against the assessee for concealing income. The revised returns filed out of time were deemed invalid, and the income was correctly assessed in the individual capacity of the assessee, not as an Association of Persons (AOP). The Tribunal found the explanations provided by the assessee for non-disclosure of income to be improbable and lacking bonafide intent. Consequently, the appeal was dismissed, affirming the penalty for income concealment. Case-Laws Income Tax Tue, 31 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332181