https://www.taxtmi.com/caselaws?id=187592 The appeal against the penalty under section 271(1)(c) of the Income Tax Act, 1961 for the A.Ys. 2006-07 was dismissed. The penalty was upheld for concealing income, as the Tribunal found the assessee liable based on material seized during a search and admission by the assessee regarding undisclosed sales and investments. Despite the assessee's argument that additions were made on estimation without sufficient evidence, the Tribunal confirmed the penalty, emphasizing the incriminating material and the failure to disclose sales in the regular books of account. en-us Fri, 30 Oct 2015 00:00:00 +0530 Fri, 28 Oct 2016 09:04:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=187592 The appeal against the penalty under section 271(1)(c) of the Income Tax Act, 1961 for the A.Ys. 2006-07 was dismissed. The penalty was upheld for concealing income, as the Tribunal found the assessee liable based on material seized during a search and admission by the assessee regarding undisclosed sales and investments. Despite the assessee's argument that additions were made on estimation without sufficient evidence, the Tribunal confirmed the penalty, emphasizing the incriminating material and the failure to disclose sales in the regular books of account. Case-Laws Income Tax Fri, 30 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=187592