https://www.taxtmi.com/caselaws?id=771427 ITAT Mumbai upheld penalty under section 270A at 200% of tax on under-reported income from suppressed sales. Assessment was completed under section 144 due to assessee's non-compliance. Partner's admission during survey regarding undisclosed income, though later retracted, combined with incriminating documents found during survey, established suppressed sales. ITAT in quantum appeal accepted 15% net profit on suppressed sales, confirming revenue's position on unaccounted income. Assessee's repeated non-compliance during assessment and penalty proceedings, failure to substantiate claims before lower authorities, and evidence of suppressed sales supported penalty imposition. Penalty quantum to be recalculated based on reduced income determined in quantum appeal. en-us Wed, 30 Apr 2025 00:00:00 +0530 Mon, 26 May 2025 08:52:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771427 ITAT Mumbai upheld penalty under section 270A at 200% of tax on under-reported income from suppressed sales. Assessment was completed under section 144 due to assessee's non-compliance. Partner's admission during survey regarding undisclosed income, though later retracted, combined with incriminating documents found during survey, established suppressed sales. ITAT in quantum appeal accepted 15% net profit on suppressed sales, confirming revenue's position on unaccounted income. Assessee's repeated non-compliance during assessment and penalty proceedings, failure to substantiate claims before lower authorities, and evidence of suppressed sales supported penalty imposition. Penalty quantum to be recalculated based on reduced income determined in quantum appeal. Case-Laws Income Tax Wed, 30 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771427