https://www.taxtmi.com/caselaws?id=122819 The Tribunal confirmed the penalty imposed under section 271(1)(c) of the Income-tax Act for inaccurate particulars and false claim of deduction. The assessee's withdrawal of the claim post-survey indicated lack of bona fide belief. The Tribunal emphasized that the claim was not made in good faith, despite efforts to avoid litigation. The penalty was set aside for statistical purposes pending verification of the built-up area of merged flats to determine penalty justification. en-us Wed, 12 Aug 2009 00:00:00 +0530 Fri, 17 Aug 2012 16:20:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=122819 The Tribunal confirmed the penalty imposed under section 271(1)(c) of the Income-tax Act for inaccurate particulars and false claim of deduction. The assessee's withdrawal of the claim post-survey indicated lack of bona fide belief. The Tribunal emphasized that the claim was not made in good faith, despite efforts to avoid litigation. The penalty was set aside for statistical purposes pending verification of the built-up area of merged flats to determine penalty justification. Case-Laws Income Tax Wed, 12 Aug 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=122819