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

ITAT upheld the penalty imposed under Section 271(1)(c) by observing that it was a ‘clear-cut case of concealment of income'
By Saagarika Gopinath - On April 20, 2025 3:34 pm - 2 mins read
Clear-Cut Case - Concealment - ITAT - Penalty Under - Bogus Share Capital - TAXSCAN

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has upheld a penalty of Rs. 95,10,463 imposed under Section 271(1)(c) of the Income Tax Act, 1961, on the assessee, UGS Finance Pvt. Ltd. for concealing income through bogus share capital transactions amounting to Rs. 2.65 crore by observing that it was a clear-cut case…

Your free access to Taxscan has Expired

To read the article, get a premium account.

Taxscan Premium

Why should you subscribe?
  • Enjoy our website without interruptions from advertisements
  • Receive Daily newsletters
  • Receive realtime Telegram/Whatsapp news updates
  • Download original Judgements / Order / Notifications / Circulars, etc
  • Enjoy exclusive entry fees to Simplified series. (Webinars, Seminars, masterclasses, etc.)
  ₹2299 + GST for 1 year

Subscribe Now

Already a member? Log in here

Topics

taxscan-loader