https://www.taxtmi.com/caselaws?id=119365 The Tribunal upheld the denial of exemption under section 10A of the Income-tax Act for a private limited company engaged in software development as the original promoters' shareholding fell below 51%. The Tribunal dismissed the appeal, emphasizing the necessity for promoters to hold shares with at least 51% voting power. Regarding the penalty under section 271(1)(c) for allegedly concealing income particulars, the Tribunal found the assessee had made a genuine disclosure and canceled the penalty, stating that the rejection of the exemption claim did not warrant a penalty if full and accurate disclosure was made. en-us Fri, 29 Jun 2007 00:00:00 +0530 Tue, 10 Jul 2012 16:47:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=119365 The Tribunal upheld the denial of exemption under section 10A of the Income-tax Act for a private limited company engaged in software development as the original promoters' shareholding fell below 51%. The Tribunal dismissed the appeal, emphasizing the necessity for promoters to hold shares with at least 51% voting power. Regarding the penalty under section 271(1)(c) for allegedly concealing income particulars, the Tribunal found the assessee had made a genuine disclosure and canceled the penalty, stating that the rejection of the exemption claim did not warrant a penalty if full and accurate disclosure was made. Case-Laws Income Tax Fri, 29 Jun 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=119365