https://www.taxtmi.com/caselaws?id=431665 The ITAT upheld penalties imposed under section 271(1)(c) for assessment years 2008-09 and 2009-10 on a corporate entity engaged in trading. The assessee failed to substantiate claims for agricultural income and swap charges, leading to penalties. Despite contesting initially, the assessee withdrew appeals, indicating lack of merit. The ITAT emphasized the importance of providing evidence and a strong defense. Penalties were upheld as the assessee did not present valid defense or evidence to refute charges. The ITAT proceeded ex parte due to the assessee's absence and lack of interest in defending appeals. en-us Wed, 16 Nov 2022 00:00:00 +0530 Mon, 19 Dec 2022 09:16:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431665 The ITAT upheld penalties imposed under section 271(1)(c) for assessment years 2008-09 and 2009-10 on a corporate entity engaged in trading. The assessee failed to substantiate claims for agricultural income and swap charges, leading to penalties. Despite contesting initially, the assessee withdrew appeals, indicating lack of merit. The ITAT emphasized the importance of providing evidence and a strong defense. Penalties were upheld as the assessee did not present valid defense or evidence to refute charges. The ITAT proceeded ex parte due to the assessee's absence and lack of interest in defending appeals. Case-Laws Income Tax Wed, 16 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431665