https://www.taxtmi.com/caselaws?id=762842 The ITAT PUNE upheld penalties under sections 271(1)(c) and 271AAB against the assessee for additional income assessed following search action under section 132. The assessee had claimed bogus sub-contracting expenditure that was surrendered only after the search revealed its lack of genuineness. The ITAT distinguished this from voluntary disclosure, noting the income variation created a presumption of concealment per MAK Data Pvt Ltd SC precedent. The tribunal set aside CIT(A) orders that had deleted the penalties, restoring the original penalty orders for assessment years 2013-14, 2014-15, and 2019-20. en-us Tue, 26 Nov 2024 00:00:00 +0530 Sat, 07 Dec 2024 09:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762842 The ITAT PUNE upheld penalties under sections 271(1)(c) and 271AAB against the assessee for additional income assessed following search action under section 132. The assessee had claimed bogus sub-contracting expenditure that was surrendered only after the search revealed its lack of genuineness. The ITAT distinguished this from voluntary disclosure, noting the income variation created a presumption of concealment per MAK Data Pvt Ltd SC precedent. The tribunal set aside CIT(A) orders that had deleted the penalties, restoring the original penalty orders for assessment years 2013-14, 2014-15, and 2019-20. Case-Laws Income Tax Tue, 26 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762842