https://www.taxtmi.com/caselaws?id=335034 The Tribunal upheld the CIT (A)'s decision to confirm the penalty related to the Rs. 14 lakhs, deeming it fair and reasonable, while dismissing the appellant's grounds. The penalty for the disclosed Rs. 1 lakh was deleted. The Tribunal found discrepancies in agreements and justifications provided by the appellant, concluding that the agreements were self-serving documents to avoid disclosing income for taxation purposes. The Tribunal referenced relevant case laws supporting the imposition of penalties for deliberate deception and loss of revenue, ultimately affirming the penalty under section 271(1)(c) of the Act. en-us Mon, 26 Sep 2016 00:00:00 +0530 Fri, 25 Nov 2016 10:46:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335034 The Tribunal upheld the CIT (A)'s decision to confirm the penalty related to the Rs. 14 lakhs, deeming it fair and reasonable, while dismissing the appellant's grounds. The penalty for the disclosed Rs. 1 lakh was deleted. The Tribunal found discrepancies in agreements and justifications provided by the appellant, concluding that the agreements were self-serving documents to avoid disclosing income for taxation purposes. The Tribunal referenced relevant case laws supporting the imposition of penalties for deliberate deception and loss of revenue, ultimately affirming the penalty under section 271(1)(c) of the Act. Case-Laws Income Tax Mon, 26 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335034