https://www.taxtmi.com/caselaws?id=438152 The Tribunal upheld the penalty of Rs. 11,27,850/- imposed under Section 271(1)(c) for concealment of income. The assessee's appeal was dismissed as the undisclosed investments were not voluntarily disclosed but admitted only after the search operation. The Tribunal found no fault in the CIT(A)'s decision, emphasizing that the penalty was warranted based on incriminating evidence and lack of substantiation for the source of the investments. en-us Mon, 22 May 2023 00:00:00 +0530 Wed, 24 May 2023 09:21:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438152 The Tribunal upheld the penalty of Rs. 11,27,850/- imposed under Section 271(1)(c) for concealment of income. The assessee's appeal was dismissed as the undisclosed investments were not voluntarily disclosed but admitted only after the search operation. The Tribunal found no fault in the CIT(A)'s decision, emphasizing that the penalty was warranted based on incriminating evidence and lack of substantiation for the source of the investments. Case-Laws Income Tax Mon, 22 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438152