https://www.taxtmi.com/caselaws?id=59807 The Tribunal upheld the penalty imposition under section 271(1)(c) of the Act on the assessee, a chappal manufacturing firm, for alleged fraudulent purchases. Despite the Appellate Assistant Commissioner canceling the penalty due to lack of proof of concealed income, the Tribunal found discrepancies in the purchases and confirmed them as bogus. The assessee failed to discharge the onus to prove correct income, leading to the penalty imposition being upheld based on fraudulent purchases. en-us Wed, 21 Jan 1981 00:00:00 +0530 Sat, 01 Jan 2011 12:37:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59807 The Tribunal upheld the penalty imposition under section 271(1)(c) of the Act on the assessee, a chappal manufacturing firm, for alleged fraudulent purchases. Despite the Appellate Assistant Commissioner canceling the penalty due to lack of proof of concealed income, the Tribunal found discrepancies in the purchases and confirmed them as bogus. The assessee failed to discharge the onus to prove correct income, leading to the penalty imposition being upheld based on fraudulent purchases. Case-Laws Income Tax Wed, 21 Jan 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59807