https://www.taxtmi.com/caselaws?id=56590 The Tribunal upheld penalties under sections 271(1)(c) and 273(c) of the Income-tax Act, 1961 against the assessee, a cloth business firm, for concealment of income and failure to furnish an estimate of advance tax, respectively. The penalties were deemed justified as the revised return filed by the assessee after a search and seizure was considered not bona fide, and the failure to provide an estimate of advance tax was found to lack reasonable cause. The Tribunal concluded that the penalties were rightly imposed based on deliberate concealment and inadequate explanations by the assessee. en-us Mon, 13 Feb 1984 00:00:00 +0530 Sat, 04 Dec 2010 17:05:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56590 The Tribunal upheld penalties under sections 271(1)(c) and 273(c) of the Income-tax Act, 1961 against the assessee, a cloth business firm, for concealment of income and failure to furnish an estimate of advance tax, respectively. The penalties were deemed justified as the revised return filed by the assessee after a search and seizure was considered not bona fide, and the failure to provide an estimate of advance tax was found to lack reasonable cause. The Tribunal concluded that the penalties were rightly imposed based on deliberate concealment and inadequate explanations by the assessee. Case-Laws Income Tax Mon, 13 Feb 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56590