https://www.taxtmi.com/caselaws?id=65297 The tribunal upheld the penalty imposed under Section 271(1)(c) of the Income Tax Act for the assessment year 2004-05. The penalty was based on the disallowance of a deduction claim under Section 10B amounting to Rs. 30,34,251. The tribunal found that the assessee failed to disclose material facts related to the claim under Section 10B and that the explanation provided was not bona fide. Consequently, the tribunal concluded that the assessee furnished inaccurate particulars of income, resulting in an excess claim of exemption under Section 10B, and dismissed the appeal. en-us Thu, 19 Feb 2009 00:00:00 +0530 Tue, 31 Jul 2012 16:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65297 The tribunal upheld the penalty imposed under Section 271(1)(c) of the Income Tax Act for the assessment year 2004-05. The penalty was based on the disallowance of a deduction claim under Section 10B amounting to Rs. 30,34,251. The tribunal found that the assessee failed to disclose material facts related to the claim under Section 10B and that the explanation provided was not bona fide. Consequently, the tribunal concluded that the assessee furnished inaccurate particulars of income, resulting in an excess claim of exemption under Section 10B, and dismissed the appeal. Case-Laws Income Tax Thu, 19 Feb 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65297