https://www.taxtmi.com/caselaws?id=19532 The court upheld the Income-tax Appellate Tribunal's decision to levy a penalty under section 271(1)(c) based on low withdrawals for household expenses. The penalty was imposed as the assessee failed to substantiate living expenses within the declared amount, leading to a presumption of concealment. The Tribunal's decision was deemed justified, as the assessee did not provide adequate evidence to rebut the additions made by tax authorities. The court ruled in favor of the Revenue, affirming the penalty imposed on the assessee for furnishing inaccurate particulars. en-us Thu, 21 Jul 1994 00:00:00 +0530 Fri, 06 Nov 2009 17:33:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19532 The court upheld the Income-tax Appellate Tribunal's decision to levy a penalty under section 271(1)(c) based on low withdrawals for household expenses. The penalty was imposed as the assessee failed to substantiate living expenses within the declared amount, leading to a presumption of concealment. The Tribunal's decision was deemed justified, as the assessee did not provide adequate evidence to rebut the additions made by tax authorities. The court ruled in favor of the Revenue, affirming the penalty imposed on the assessee for furnishing inaccurate particulars. Case-Laws Income Tax Thu, 21 Jul 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19532