Before imposing penalty under Section 54(1)(2), the assessing authority is duty-bound to record a specific finding, based on proper evidence, that the assessee intentionally concealed turnover or deliberately furnished inadequate particulars.

The order underscores that advances written off under dubious agreements can be clawed back under Section 66 of the IBC. By treating the transaction as fraudulent, the Tribunal reinforced creditor protection and accountability of suspended directors in insolvency proceedings.

The order underscores that advances written off under dubious agreements can be clawed back under Section 66 of the IBC. By treating the transaction as fraudulent, the Tribunal reinforced creditor protection and accountability of suspended directors in insolvency proceedings.