https://www.taxtmi.com/caselaws?id=378165 The appeal was against the confirmation of penalty under section 271(1)(c) of the Income Tax Act, 1961 for Assessment Year 2005-06, related to alleged misrepresentation of facts by the assessee regarding property investment and transfer to her son. The penalty was upheld based on inaccurate income particulars. The judgment emphasized capitalizing interest costs for a new project, leading to a valid penalty. Inconsistencies in penalty calculation were noted, directing verification and adjustment by the assessing officer. The appeal was partly allowed due to these discrepancies and adjustments made. en-us Fri, 29 Mar 2019 00:00:00 +0530 Wed, 10 Apr 2019 07:01:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=378165 The appeal was against the confirmation of penalty under section 271(1)(c) of the Income Tax Act, 1961 for Assessment Year 2005-06, related to alleged misrepresentation of facts by the assessee regarding property investment and transfer to her son. The penalty was upheld based on inaccurate income particulars. The judgment emphasized capitalizing interest costs for a new project, leading to a valid penalty. Inconsistencies in penalty calculation were noted, directing verification and adjustment by the assessing officer. The appeal was partly allowed due to these discrepancies and adjustments made. Case-Laws Income Tax Fri, 29 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=378165