https://www.taxtmi.com/caselaws?id=338891 The Tribunal upheld the penalty of Rs. 98,79,990 under Section 271(1)(c) for concealment of income under Section 115JB, citing non-compliance with statutory requirements. The penalty of Rs. 4,63,247 for disallowance of expenses was deleted as the expenses were genuine and necessary for business operations, with no intent to conceal income. The appellant's argument for a lower quantum of penalty was rejected, and the appeal was partly allowed. en-us Thu, 09 Feb 2017 00:00:00 +0530 Tue, 14 Feb 2017 08:48:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338891 The Tribunal upheld the penalty of Rs. 98,79,990 under Section 271(1)(c) for concealment of income under Section 115JB, citing non-compliance with statutory requirements. The penalty of Rs. 4,63,247 for disallowance of expenses was deleted as the expenses were genuine and necessary for business operations, with no intent to conceal income. The appellant's argument for a lower quantum of penalty was rejected, and the appeal was partly allowed. Case-Laws Income Tax Thu, 09 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338891