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Informative

‘Clear-Cut Case of Concealment’: ITAT Upholds Penalty Under Section 271(1)(c) for Rs 2.65 Crore Bogus Share Capital

Update / Judgement Date

20 Apr 2025

Source

Taxscan

Author

Team — WCP Legal Desk

Reading Time

1 min read

Appeal Against OrderIncome Tax

The ITAT (Income Tax Appellate Tribunal) upheld a penalty imposed under Section 271(1)(c) of the Income Tax Act for ₹1 crore involving bogus share capital, terming it a clear-cut case of concealment. Section 271(1)(c) deals with penalties for concealment of income. The tribunal's decision indicates strong evidence of the assessee having introduced fictitious share capital into its books to evade tax.