https://www.taxtmi.com/caselaws?id=371561 The Court upheld the Tribunal's decision to partially sustain the penalty imposed on an NRI businessman under Section 271(1)(c) of the Income Tax Act for concealed income. The penalty was reduced to 100% of the tax on concealed income from the original 200% directed by the Assessing Officer. The Court found that the appellant's failure to file returns voluntarily before the search, coupled with actions indicating an intention to evade tax, justified the penalty. The appeals were dismissed in favor of the Revenue, affirming the penalty imposed on the appellant. en-us Thu, 06 Sep 2018 00:00:00 +0530 Thu, 06 Dec 2018 05:35:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=371561 The Court upheld the Tribunal's decision to partially sustain the penalty imposed on an NRI businessman under Section 271(1)(c) of the Income Tax Act for concealed income. The penalty was reduced to 100% of the tax on concealed income from the original 200% directed by the Assessing Officer. The Court found that the appellant's failure to file returns voluntarily before the search, coupled with actions indicating an intention to evade tax, justified the penalty. The appeals were dismissed in favor of the Revenue, affirming the penalty imposed on the appellant. Case-Laws Income Tax Thu, 06 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=371561