https://www.taxtmi.com/caselaws?id=378249 The case involved the addition of Rs. 81.60 lakhs as undisclosed investment in a property by the assessee. Penalty proceedings were initiated under Section 271(1)(c) of the Income Tax Act for concealment of income. The ITAT remanded the matter back to the AO for verification of claims regarding investment by other individuals. The AO, after inquiries, retained the addition and initiated penalty proceedings. The CIT(A) reduced the penalty to 1/3rd of the total amount, but the ITAT vacated this decision, remanding the case for fresh consideration of the entire undisclosed amount of Rs. 81.60 lakhs. en-us Fri, 01 Mar 2019 00:00:00 +0530 Thu, 11 Apr 2019 18:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=378249 The case involved the addition of Rs. 81.60 lakhs as undisclosed investment in a property by the assessee. Penalty proceedings were initiated under Section 271(1)(c) of the Income Tax Act for concealment of income. The ITAT remanded the matter back to the AO for verification of claims regarding investment by other individuals. The AO, after inquiries, retained the addition and initiated penalty proceedings. The CIT(A) reduced the penalty to 1/3rd of the total amount, but the ITAT vacated this decision, remanding the case for fresh consideration of the entire undisclosed amount of Rs. 81.60 lakhs. Case-Laws Income Tax Fri, 01 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=378249