https://www.taxtmi.com/caselaws?id=397181 The Tribunal upheld the penalty imposed under Section 271(1)(c) for concealment of income, dismissing the appeal. The delay in filing the appeal was condoned due to valid reasons, emphasizing deciding on merits over technicalities. The initiation of penalty proceedings was deemed valid as the Assessing Officer provided a definite finding of intentional income concealment. The penalty was upheld based on unexplained purchases discrepancies, distinguishing it from mere disallowances, with the Tribunal finding no merit in challenging the penalty. en-us Tue, 21 Jul 2020 00:00:00 +0530 Fri, 07 Aug 2020 07:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397181 The Tribunal upheld the penalty imposed under Section 271(1)(c) for concealment of income, dismissing the appeal. The delay in filing the appeal was condoned due to valid reasons, emphasizing deciding on merits over technicalities. The initiation of penalty proceedings was deemed valid as the Assessing Officer provided a definite finding of intentional income concealment. The penalty was upheld based on unexplained purchases discrepancies, distinguishing it from mere disallowances, with the Tribunal finding no merit in challenging the penalty. Case-Laws Income Tax Tue, 21 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397181