https://www.taxtmi.com/caselaws?id=333687 The Tribunal confirmed the penalty imposed on the assessee under Section 271(1)(c) of the Income Tax Act, 1961, for concealment of income. The assessee's failure to disclose cash deposits in multiple bank accounts, resulting in unexplained negative cash balance, led to the penalty being upheld. Despite citing case laws and arguing non-disclosure as an error, the assessee could not provide a satisfactory explanation for the source of the cash deposits. The Tribunal emphasized the burden of proof on the assessee and dismissed the appeal, affirming the penalty for deliberate concealment of income. en-us Wed, 03 Aug 2016 00:00:00 +0530 Fri, 21 Oct 2016 07:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333687 The Tribunal confirmed the penalty imposed on the assessee under Section 271(1)(c) of the Income Tax Act, 1961, for concealment of income. The assessee's failure to disclose cash deposits in multiple bank accounts, resulting in unexplained negative cash balance, led to the penalty being upheld. Despite citing case laws and arguing non-disclosure as an error, the assessee could not provide a satisfactory explanation for the source of the cash deposits. The Tribunal emphasized the burden of proof on the assessee and dismissed the appeal, affirming the penalty for deliberate concealment of income. Case-Laws Income Tax Wed, 03 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333687