https://www.taxtmi.com/caselaws?id=446217 ITAT Ahmedabad upheld penalty u/s 271(1)(c) where AO completed assessment u/s 143 r.w.s. 153A determining unexplained money u/s 69 based on seized materials. CIT(A) sustained penalty for concealment of commission income particulars. ITAT rejected assessee's contentions, noting addition was based on seized materials without income estimation. Court relied on SC judgments in Mak Data Pvt. Ltd. and Dharmendra Textile Processors regarding penalty initiation satisfaction requirements. Appeal dismissed, penalty upheld for gross concealment of income. en-us Fri, 24 Nov 2023 00:00:00 +0530 Mon, 27 Nov 2023 16:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446217 ITAT Ahmedabad upheld penalty u/s 271(1)(c) where AO completed assessment u/s 143 r.w.s. 153A determining unexplained money u/s 69 based on seized materials. CIT(A) sustained penalty for concealment of commission income particulars. ITAT rejected assessee's contentions, noting addition was based on seized materials without income estimation. Court relied on SC judgments in Mak Data Pvt. Ltd. and Dharmendra Textile Processors regarding penalty initiation satisfaction requirements. Appeal dismissed, penalty upheld for gross concealment of income. Case-Laws Income Tax Fri, 24 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446217