https://www.taxtmi.com/caselaws?id=407747 The Appellate Tribunal upheld the penalty under section 271(1)(c) of the Income Tax Act amounting to &8377; 2,32,305 imposed on the assessee for inaccurate income particulars. The dispute stemmed from the Assessing Officer's estimation of income post a search action on the Vakrangee Group, leading to a penalty due to the lack of proper documentation for claimed expenses and intentional lower income disclosure. The Tribunal affirmed the penalty based on judicial precedent, emphasizing the significance of accurate income disclosure and supporting evidence for expenses. The appeal was dismissed, and the penalty amount was upheld. en-us Wed, 10 Feb 2021 00:00:00 +0530 Thu, 20 May 2021 14:55:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407747 The Appellate Tribunal upheld the penalty under section 271(1)(c) of the Income Tax Act amounting to &8377; 2,32,305 imposed on the assessee for inaccurate income particulars. The dispute stemmed from the Assessing Officer's estimation of income post a search action on the Vakrangee Group, leading to a penalty due to the lack of proper documentation for claimed expenses and intentional lower income disclosure. The Tribunal affirmed the penalty based on judicial precedent, emphasizing the significance of accurate income disclosure and supporting evidence for expenses. The appeal was dismissed, and the penalty amount was upheld. Case-Laws Income Tax Wed, 10 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407747