https://www.taxtmi.com/caselaws?id=431761 The Tribunal upheld the penalty of Rs. 7,74,020 under Section 271(1)(c) of the Income Tax Act, 1961, against the assessee for furnishing inaccurate particulars of income by claiming excessive depreciation on various assets. The Tribunal agreed with the lower authorities' findings that the assessee failed to substantiate its case or rebut the penalty imposition, indicating an intention to evade tax. The decision highlighted the necessity for providing concrete evidence to support claims and the burden on the assessee to prove the genuineness of explanations offered. en-us Wed, 14 Dec 2022 00:00:00 +0530 Wed, 21 Dec 2022 09:18:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431761 The Tribunal upheld the penalty of Rs. 7,74,020 under Section 271(1)(c) of the Income Tax Act, 1961, against the assessee for furnishing inaccurate particulars of income by claiming excessive depreciation on various assets. The Tribunal agreed with the lower authorities' findings that the assessee failed to substantiate its case or rebut the penalty imposition, indicating an intention to evade tax. The decision highlighted the necessity for providing concrete evidence to support claims and the burden on the assessee to prove the genuineness of explanations offered. Case-Laws Income Tax Wed, 14 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431761