https://www.taxtmi.com/caselaws?id=377852 The High Court upheld the penalty imposed under Section 271(1)(c) of the Income Tax Act by the Income Tax Appellate Tribunal. The Tribunal found gross falsification of records related to loans received by the assessee, sourced from the managing partner of the firm instead of genuine creditors. Despite the appellant's argument, the Court concluded that the deliberate misrepresentation of funds justified the penalty imposition. The Court dismissed the appeal, affirming the ITAT's decision to impose the penalty based on misleading representations in the accounts. en-us Tue, 19 Mar 2019 00:00:00 +0530 Wed, 03 Apr 2019 11:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=377852 The High Court upheld the penalty imposed under Section 271(1)(c) of the Income Tax Act by the Income Tax Appellate Tribunal. The Tribunal found gross falsification of records related to loans received by the assessee, sourced from the managing partner of the firm instead of genuine creditors. Despite the appellant's argument, the Court concluded that the deliberate misrepresentation of funds justified the penalty imposition. The Court dismissed the appeal, affirming the ITAT's decision to impose the penalty based on misleading representations in the accounts. Case-Laws Income Tax Tue, 19 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=377852