https://www.taxtmi.com/caselaws?id=380656 The Tribunal upheld the penalty levy on undisclosed investments made by the assessee, citing concealment of income and furnishing inaccurate particulars under section 271(1)(c) of the Act. The Tribunal found no merit in the petition seeking a recall of the penalty order, as the assessee failed to provide valid reasons for the discrepancies in income disclosure. The penalty was deemed valid due to the lack of credible explanations for the undeclared investments and the delayed filing of the return, ultimately resulting in the dismissal of the petition. en-us Tue, 21 May 2019 00:00:00 +0530 Sat, 25 May 2019 09:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380656 The Tribunal upheld the penalty levy on undisclosed investments made by the assessee, citing concealment of income and furnishing inaccurate particulars under section 271(1)(c) of the Act. The Tribunal found no merit in the petition seeking a recall of the penalty order, as the assessee failed to provide valid reasons for the discrepancies in income disclosure. The penalty was deemed valid due to the lack of credible explanations for the undeclared investments and the delayed filing of the return, ultimately resulting in the dismissal of the petition. Case-Laws Income Tax Tue, 21 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380656