https://www.taxtmi.com/caselaws?id=278283 The Tribunal upheld the penalty of Rs. 4,63,500/- under Section 271(1)(c) for concealment of income related to the assessment year 2008-09. The Tribunal found that the assessee's admission of Rs. 15,00,000/- as income after a notice was issued constituted concealment, citing precedents where voluntary concession by the assessee justified penalty imposition. Additionally, the Tribunal dismissed the challenge to the validity of the notice issued under Section 274 read with Section 271, concluding that the notice's language did not prejudice the assessee's right to a fair hearing. The appeal was dismissed, affirming the CIT(A)'s order. en-us Thu, 30 Nov 2017 00:00:00 +0530 Wed, 23 Jan 2019 07:34:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278283 The Tribunal upheld the penalty of Rs. 4,63,500/- under Section 271(1)(c) for concealment of income related to the assessment year 2008-09. The Tribunal found that the assessee's admission of Rs. 15,00,000/- as income after a notice was issued constituted concealment, citing precedents where voluntary concession by the assessee justified penalty imposition. Additionally, the Tribunal dismissed the challenge to the validity of the notice issued under Section 274 read with Section 271, concluding that the notice's language did not prejudice the assessee's right to a fair hearing. The appeal was dismissed, affirming the CIT(A)'s order. Case-Laws Income Tax Thu, 30 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278283