https://www.taxtmi.com/caselaws?id=338951 The Tribunal upheld the penalty levy under section 271(1)(c) of the Income Tax Act for the assessment year 2006-07. The appeal against the penalty order was dismissed, confirming the calculation of understated income based on average GP rates and declared GP rates. The Tribunal affirmed the order of the Ld. CIT(A) regarding additions made to the appellant's income, disallowance of expenses, and unaccounted sales, leading to the penalty imposition. en-us Tue, 31 Jan 2017 00:00:00 +0530 Wed, 15 Feb 2017 08:32:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338951 The Tribunal upheld the penalty levy under section 271(1)(c) of the Income Tax Act for the assessment year 2006-07. The appeal against the penalty order was dismissed, confirming the calculation of understated income based on average GP rates and declared GP rates. The Tribunal affirmed the order of the Ld. CIT(A) regarding additions made to the appellant's income, disallowance of expenses, and unaccounted sales, leading to the penalty imposition. Case-Laws Income Tax Tue, 31 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338951