https://www.taxtmi.com/caselaws?id=753798 The ITAT Cochin dismissed the assessee's challenge to the penalty notice u/s 274 as vague, finding it baseless and an abuse of process. The assessee failed to explain unexplained differences between trading sales and average purchase costs of cashew kernels sold to sister concerns at below-cost rates. Despite offering Rs 1.8 crores in assessment proceedings, the assessee's credibility was undermined by omitted transactions worth several crores and failure to produce accounts. The penalty u/s 271(1)(c) was confirmed, though the matter was restored to AO for verification of the assessee's belated explanation regarding purchase costs, with directions for proper computation considering deductions u/ss 80IA and 80HHC. en-us Wed, 17 Jan 2024 00:00:00 +0530 Mon, 10 Jun 2024 11:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753798 The ITAT Cochin dismissed the assessee's challenge to the penalty notice u/s 274 as vague, finding it baseless and an abuse of process. The assessee failed to explain unexplained differences between trading sales and average purchase costs of cashew kernels sold to sister concerns at below-cost rates. Despite offering Rs 1.8 crores in assessment proceedings, the assessee's credibility was undermined by omitted transactions worth several crores and failure to produce accounts. The penalty u/s 271(1)(c) was confirmed, though the matter was restored to AO for verification of the assessee's belated explanation regarding purchase costs, with directions for proper computation considering deductions u/ss 80IA and 80HHC. Case-Laws Income Tax Wed, 17 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753798