https://www.taxtmi.com/caselaws?id=203845 The tribunal upheld the penalty under Section 271(1)(c), finding that the assessee made a false and bogus claim of expenditure, not in accordance with the Income Tax Act. The appeal was dismissed, confirming the penalty imposed for furnishing inaccurate particulars of income. The decision emphasized that merely claiming an expense in the profit & loss account does not absolve the assessee from penalty if the claim is not bona fide and against settled legal principles. en-us Thu, 25 Nov 2010 00:00:00 +0530 Tue, 21 Jun 2011 11:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=203845 The tribunal upheld the penalty under Section 271(1)(c), finding that the assessee made a false and bogus claim of expenditure, not in accordance with the Income Tax Act. The appeal was dismissed, confirming the penalty imposed for furnishing inaccurate particulars of income. The decision emphasized that merely claiming an expense in the profit & loss account does not absolve the assessee from penalty if the claim is not bona fide and against settled legal principles. Case-Laws Income Tax Thu, 25 Nov 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=203845