https://www.taxtmi.com/caselaws?id=64879 The Tribunal upheld the penalty imposed under section 271(1)(c) by the Assessing Officer, ruling that the assessee's claim for expenditure was ex facie bogus and not bona fide, attracting Explanation 1 to the section. The Tribunal set aside the CIT(A)'s decision and allowed the Revenue's appeal, reinstating the penalty of Rs. 3,84,757 for furnishing inaccurate particulars of income. en-us Fri, 11 Sep 2009 00:00:00 +0530 Thu, 10 Feb 2011 17:52:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64879 The Tribunal upheld the penalty imposed under section 271(1)(c) by the Assessing Officer, ruling that the assessee's claim for expenditure was ex facie bogus and not bona fide, attracting Explanation 1 to the section. The Tribunal set aside the CIT(A)'s decision and allowed the Revenue's appeal, reinstating the penalty of Rs. 3,84,757 for furnishing inaccurate particulars of income. Case-Laws Income Tax Fri, 11 Sep 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64879