https://www.taxtmi.com/caselaws?id=405230 The Tribunal annulled the CIT(A)'s order and confirmed the AO's imposition of penalty under section 271(1)(c) totaling Rs. 70,00,000, holding that the penalty was justified based on the evidence presented. The Tribunal found that the assessee's admission of additional income during the survey was not voluntary and did not absolve them from penalty proceedings. The Tribunal emphasized that the penalty notices issued were specific enough, and the assessee failed to prove any prejudice caused by their alleged lack of specificity. The appeal by the Revenue was allowed, and the cross-objection by the assessee was dismissed. en-us Tue, 09 Mar 2021 00:00:00 +0530 Mon, 15 Mar 2021 08:37:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405230 The Tribunal annulled the CIT(A)'s order and confirmed the AO's imposition of penalty under section 271(1)(c) totaling Rs. 70,00,000, holding that the penalty was justified based on the evidence presented. The Tribunal found that the assessee's admission of additional income during the survey was not voluntary and did not absolve them from penalty proceedings. The Tribunal emphasized that the penalty notices issued were specific enough, and the assessee failed to prove any prejudice caused by their alleged lack of specificity. The appeal by the Revenue was allowed, and the cross-objection by the assessee was dismissed. Case-Laws Income Tax Tue, 09 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405230