https://www.taxtmi.com/caselaws?id=65365 The Tribunal upheld the penalty imposed under Section 271(1)(c) of the Income Tax Act, amounting to Rs. 5,50,18,370, against the assessee for furnishing inaccurate particulars of income by apportioning technical know-how fee over three years. The Tribunal rejected the assessee's arguments on accrual of income, bona fide belief, and disclosure adequacy, deeming them as attempts to defer tax liability through a colorable device. The Tribunal held that legal precedents cited were inapplicable, and the Assessing Officer's satisfaction for penalty initiation was duly recorded. The appeal by the assessee was dismissed. en-us Fri, 21 Mar 2003 00:00:00 +0530 Tue, 15 Feb 2011 12:07:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65365 The Tribunal upheld the penalty imposed under Section 271(1)(c) of the Income Tax Act, amounting to Rs. 5,50,18,370, against the assessee for furnishing inaccurate particulars of income by apportioning technical know-how fee over three years. The Tribunal rejected the assessee's arguments on accrual of income, bona fide belief, and disclosure adequacy, deeming them as attempts to defer tax liability through a colorable device. The Tribunal held that legal precedents cited were inapplicable, and the Assessing Officer's satisfaction for penalty initiation was duly recorded. The appeal by the assessee was dismissed. Case-Laws Income Tax Fri, 21 Mar 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65365