https://www.taxtmi.com/caselaws?id=389422 The Tribunal upheld the penalty order under section 271(1)(c) of the IT Act for the assessment year 2014-15. The penalty was imposed due to the addition of long term capital gain to the assessee's income, which was found to be bogus. The Tribunal rejected the assessee's explanations, citing lack of credible evidence and upheld the AO's findings of concealment of income and furnishing inaccurate particulars. The appeal was dismissed, and the penalty was upheld based on the lack of verifiable material supporting the genuineness of the transaction. en-us Fri, 01 Nov 2019 00:00:00 +0530 Sat, 07 Dec 2019 13:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=389422 The Tribunal upheld the penalty order under section 271(1)(c) of the IT Act for the assessment year 2014-15. The penalty was imposed due to the addition of long term capital gain to the assessee's income, which was found to be bogus. The Tribunal rejected the assessee's explanations, citing lack of credible evidence and upheld the AO's findings of concealment of income and furnishing inaccurate particulars. The appeal was dismissed, and the penalty was upheld based on the lack of verifiable material supporting the genuineness of the transaction. Case-Laws Income Tax Fri, 01 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=389422