https://www.taxtmi.com/caselaws?id=423018 The Tribunal upheld the penalty under section 271(1)(c) of the Income Tax Act, 1961, finding that the assessee failed to provide substantial explanation or evidence to rebut the presumption of concealment. The appeal was dismissed, and the penalty order was upheld, with the assessee's surrender of income not absolving them from penalty due to evidence of conscious concealment. The order was pronounced on 25.05.2022, affirming the penalty imposed by the Commissioner. en-us Wed, 25 May 2022 00:00:00 +0530 Fri, 27 May 2022 08:37:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423018 The Tribunal upheld the penalty under section 271(1)(c) of the Income Tax Act, 1961, finding that the assessee failed to provide substantial explanation or evidence to rebut the presumption of concealment. The appeal was dismissed, and the penalty order was upheld, with the assessee's surrender of income not absolving them from penalty due to evidence of conscious concealment. The order was pronounced on 25.05.2022, affirming the penalty imposed by the Commissioner. Case-Laws Income Tax Wed, 25 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423018