https://www.taxtmi.com/caselaws?id=443716 The Tribunal upheld the validity of the assessment order under section 144 of the Income Tax Act, citing the assessee's non-compliance with notices and failure to substantiate claimed expenses under section 57. The disallowance of expenses was justified due to lack of evidence, and the applicability of section 44AD was dismissed as it pertains to business income. Additionally, the penalty imposed under section 271(1)(c) for concealment of income was upheld as the assessee failed to prove the legitimacy of expenses. Both the quantum and penalty appeals were dismissed, affirming the lower authorities' decisions. en-us Wed, 27 Sep 2023 00:00:00 +0530 Sat, 30 Sep 2023 08:24:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=443716 The Tribunal upheld the validity of the assessment order under section 144 of the Income Tax Act, citing the assessee's non-compliance with notices and failure to substantiate claimed expenses under section 57. The disallowance of expenses was justified due to lack of evidence, and the applicability of section 44AD was dismissed as it pertains to business income. Additionally, the penalty imposed under section 271(1)(c) for concealment of income was upheld as the assessee failed to prove the legitimacy of expenses. Both the quantum and penalty appeals were dismissed, affirming the lower authorities' decisions. Case-Laws Income Tax Wed, 27 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=443716