https://www.taxtmi.com/caselaws?id=187666 The Tribunal upheld penalties under section 271(1)(c) for various disallowances in the Assessment Year 2006-07. For the Assessment Year 2007-08, penalties were partly allowed, with the penalty to be levied only on the disputed income from layout formation. The Tribunal stressed the need for evidence to substantiate claims and rebut the presumption of income concealment. en-us Tue, 13 Jan 2015 00:00:00 +0530 Tue, 01 Nov 2016 18:37:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=187666 The Tribunal upheld penalties under section 271(1)(c) for various disallowances in the Assessment Year 2006-07. For the Assessment Year 2007-08, penalties were partly allowed, with the penalty to be levied only on the disputed income from layout formation. The Tribunal stressed the need for evidence to substantiate claims and rebut the presumption of income concealment. Case-Laws Income Tax Tue, 13 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=187666