https://www.taxtmi.com/caselaws?id=418667 The tribunal upheld penalties under sections 271F and 271(1)(b) of the Income Tax Act, 1961 for Assessment Year 2010-11. The appellant's failure to furnish a return of income despite discrepancies in financial transactions and non-compliance with notices demonstrated a conscious disregard of statutory obligations. The tribunal emphasized the importance of genuine explanations and proper representation, dismissing both appeals due to lack of credibility in the appellant's conduct and explanations. Compliance with statutory obligations, transparency, and credibility in dealings with tax authorities are crucial to avoid penalties. en-us Wed, 16 Feb 2022 00:00:00 +0530 Tue, 22 Feb 2022 07:23:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418667 The tribunal upheld penalties under sections 271F and 271(1)(b) of the Income Tax Act, 1961 for Assessment Year 2010-11. The appellant's failure to furnish a return of income despite discrepancies in financial transactions and non-compliance with notices demonstrated a conscious disregard of statutory obligations. The tribunal emphasized the importance of genuine explanations and proper representation, dismissing both appeals due to lack of credibility in the appellant's conduct and explanations. Compliance with statutory obligations, transparency, and credibility in dealings with tax authorities are crucial to avoid penalties. Case-Laws Income Tax Wed, 16 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418667