https://www.taxtmi.com/caselaws?id=379617 The court upheld the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961 against the Assessee for failure to justify claims and concealment of income. The Assessee's explanation of surrendering amounts to avoid litigation was not accepted. The decision emphasized that the surrender was not voluntary but due to pressure during scrutiny, and the Assessee failed to provide adequate explanations or evidence. The penalty was upheld based on the lack of proper documentation for various financial transactions and the failure to provide necessary details, leading to the penalty imposition. en-us Fri, 03 May 2019 00:00:00 +0530 Mon, 06 May 2019 05:49:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=379617 The court upheld the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961 against the Assessee for failure to justify claims and concealment of income. The Assessee's explanation of surrendering amounts to avoid litigation was not accepted. The decision emphasized that the surrender was not voluntary but due to pressure during scrutiny, and the Assessee failed to provide adequate explanations or evidence. The penalty was upheld based on the lack of proper documentation for various financial transactions and the failure to provide necessary details, leading to the penalty imposition. Case-Laws Income Tax Fri, 03 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=379617