https://www.taxtmi.com/caselaws?id=336034 The Tribunal reinstated the penalty under Section 271(1)(c) for concealment of income due to undervaluation of stock, overturning the CIT(A)'s decision. The Tribunal upheld the penalty, citing the assessee's change in valuation method post-detection as indicative of concealment. Additionally, the Tribunal dismissed the assessee's cross-objections challenging the show cause notice's validity, stating they should have been raised through an appeal. The decision highlights the significance of accurate income disclosure and the imposition of penalties for concealment, even in cases of voluntary disclosure following detection. en-us Wed, 19 Oct 2016 00:00:00 +0530 Wed, 14 Dec 2016 16:14:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=336034 The Tribunal reinstated the penalty under Section 271(1)(c) for concealment of income due to undervaluation of stock, overturning the CIT(A)'s decision. The Tribunal upheld the penalty, citing the assessee's change in valuation method post-detection as indicative of concealment. Additionally, the Tribunal dismissed the assessee's cross-objections challenging the show cause notice's validity, stating they should have been raised through an appeal. The decision highlights the significance of accurate income disclosure and the imposition of penalties for concealment, even in cases of voluntary disclosure following detection. Case-Laws Income Tax Wed, 19 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=336034