https://www.taxtmi.com/caselaws?id=347416 The Gujarat High Court upheld the Tribunal's decision, emphasizing the necessity for the assessee to substantiate claims with concrete evidence to avoid penalties under section 271(1)(c) of the Income Tax Act, 1961. The Court highlighted the importance of transparency and bonafide disclosures in tax assessments, clarifying the distinction between assessment and penalty proceedings in resolving tax disputes efficiently. en-us Tue, 29 Aug 2017 00:00:00 +0530 Mon, 04 Sep 2017 09:00:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=347416 The Gujarat High Court upheld the Tribunal's decision, emphasizing the necessity for the assessee to substantiate claims with concrete evidence to avoid penalties under section 271(1)(c) of the Income Tax Act, 1961. The Court highlighted the importance of transparency and bonafide disclosures in tax assessments, clarifying the distinction between assessment and penalty proceedings in resolving tax disputes efficiently. Case-Laws Income Tax Tue, 29 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=347416