https://www.taxtmi.com/caselaws?id=25081 The Tribunal rejected the assessee's claim of voluntary profit disclosure, finding it false and not made without inquiry. Evidence supported the concealment of profit, with the assessee altering import license values and selling yarn. The Tribunal justified the penalty under section 271(1)(c) of the Income-tax Act due to willful neglect and concealed income. A penalty of Rs. 7,92,820 (150% of concealed income) was imposed, deemed reasonable. The Tribunal upheld the penalty, affirming all issues against the assessee with no costs awarded. en-us Mon, 28 Mar 1988 00:00:00 +0530 Mon, 25 Jan 2010 12:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25081 The Tribunal rejected the assessee's claim of voluntary profit disclosure, finding it false and not made without inquiry. Evidence supported the concealment of profit, with the assessee altering import license values and selling yarn. The Tribunal justified the penalty under section 271(1)(c) of the Income-tax Act due to willful neglect and concealed income. A penalty of Rs. 7,92,820 (150% of concealed income) was imposed, deemed reasonable. The Tribunal upheld the penalty, affirming all issues against the assessee with no costs awarded. Case-Laws Income Tax Mon, 28 Mar 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25081