https://www.taxtmi.com/caselaws?id=424109 The Tribunal upheld the imposition of a penalty under Section 271(1)(c) of the Income Tax Act on the assessee for concealing income and furnishing inaccurate particulars. The penalty was imposed due to the assessee's bogus claim of short-term capital loss. The Tribunal also rejected the appeal for condonation of delay in filing, citing negligence and lack of convincing reasons for the delay. The appeal was dismissed on both procedural and substantive grounds, affirming the CIT(A)'s decision. en-us Fri, 17 Jun 2022 00:00:00 +0530 Wed, 22 Jun 2022 09:15:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424109 The Tribunal upheld the imposition of a penalty under Section 271(1)(c) of the Income Tax Act on the assessee for concealing income and furnishing inaccurate particulars. The penalty was imposed due to the assessee's bogus claim of short-term capital loss. The Tribunal also rejected the appeal for condonation of delay in filing, citing negligence and lack of convincing reasons for the delay. The appeal was dismissed on both procedural and substantive grounds, affirming the CIT(A)'s decision. Case-Laws Income Tax Fri, 17 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424109