https://www.taxtmi.com/caselaws?id=374648 The Tribunal upheld the penalty under section 271(1)(c) of the Income Tax Act for concealment of income. The Tribunal found the notice specifying the penalty limb unnecessary, as the AO's satisfaction for concealment was clear. The assessee's explanation for cash deposits was deemed false and unsubstantiated, leading to the penalty imposition. The Tribunal directed the AO to confirm the exact addition amount before finalizing the penalty. The appeal by the assessee was dismissed. en-us Mon, 31 Dec 2018 00:00:00 +0530 Wed, 06 Feb 2019 07:23:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=374648 The Tribunal upheld the penalty under section 271(1)(c) of the Income Tax Act for concealment of income. The Tribunal found the notice specifying the penalty limb unnecessary, as the AO's satisfaction for concealment was clear. The assessee's explanation for cash deposits was deemed false and unsubstantiated, leading to the penalty imposition. The Tribunal directed the AO to confirm the exact addition amount before finalizing the penalty. The appeal by the assessee was dismissed. Case-Laws Income Tax Mon, 31 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=374648