https://www.taxtmi.com/caselaws?id=378164 The Tribunal dismissed the assessee's appeals against the penalty imposed under section 271(1)(c) of the Income Tax Act for AYs 1992-93 & 1993-94, affirming the penalty imposition at the minimum rate for both years. The Tribunal upheld the penalty, emphasizing that penalty could be levied even if the disclosed profit rate was applied to the undisclosed turnover, and rejected the argument that penalty should only be on undisclosed income, not turnover. The decision was pronounced on March 29, 2019. en-us Fri, 29 Mar 2019 00:00:00 +0530 Wed, 10 Apr 2019 07:01:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=378164 The Tribunal dismissed the assessee's appeals against the penalty imposed under section 271(1)(c) of the Income Tax Act for AYs 1992-93 & 1993-94, affirming the penalty imposition at the minimum rate for both years. The Tribunal upheld the penalty, emphasizing that penalty could be levied even if the disclosed profit rate was applied to the undisclosed turnover, and rejected the argument that penalty should only be on undisclosed income, not turnover. The decision was pronounced on March 29, 2019. Case-Laws Income Tax Fri, 29 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=378164