https://www.taxtmi.com/caselaws?id=434449 The Tribunal upheld the penalties imposed under section 271(1)(c) of the Income Tax Act on the assessee for concealing income by failing to file a return within the specified period. The Tribunal rejected the argument that the notice issued under section 274 r.w.s. 271(1)(c) was defective, emphasizing that the assessee comprehended the nature of the offense. The penalty was deemed justified based on the failure to file a return, which was considered as concealment of income under Explanation 3 to section 271(1)(c). en-us Wed, 22 Feb 2023 00:00:00 +0530 Fri, 24 Feb 2023 09:07:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434449 The Tribunal upheld the penalties imposed under section 271(1)(c) of the Income Tax Act on the assessee for concealing income by failing to file a return within the specified period. The Tribunal rejected the argument that the notice issued under section 274 r.w.s. 271(1)(c) was defective, emphasizing that the assessee comprehended the nature of the offense. The penalty was deemed justified based on the failure to file a return, which was considered as concealment of income under Explanation 3 to section 271(1)(c). Case-Laws Income Tax Wed, 22 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434449