https://www.taxtmi.com/caselaws?id=431563 The Tribunal upheld the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961 for the assessment year 2011-12 against the corporate entity in the pharmaceutical business. Despite opportunities, the assessee did not appear for the hearing, leading to a decision made ex parte. The Tribunal found the assessee failed to provide sufficient evidence to justify expenses, eventually accepting the adjustments made by the Assessing Officer. As no reasonable explanation was provided to refute the concealment of income or furnishing inaccurate particulars, the Tribunal dismissed the appeal, confirming the penalty. en-us Wed, 16 Nov 2022 00:00:00 +0530 Fri, 16 Dec 2022 09:40:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431563 The Tribunal upheld the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961 for the assessment year 2011-12 against the corporate entity in the pharmaceutical business. Despite opportunities, the assessee did not appear for the hearing, leading to a decision made ex parte. The Tribunal found the assessee failed to provide sufficient evidence to justify expenses, eventually accepting the adjustments made by the Assessing Officer. As no reasonable explanation was provided to refute the concealment of income or furnishing inaccurate particulars, the Tribunal dismissed the appeal, confirming the penalty. Case-Laws Income Tax Wed, 16 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431563