https://www.taxtmi.com/caselaws?id=204989 The Tribunal upheld the penalty under section 271(1)(c) of the Income-tax Act, as the assessee's claim for expenditure was deemed ex facie false and not bona fide. Despite reliance on the auditor's report, the Tribunal found the explanation insufficient, in line with judicial precedents emphasizing penalties for false claims. The appeal was dismissed, affirming the penalty imposed for inaccurate particulars of income and attempting to evade tax. en-us Fri, 21 Jan 2011 00:00:00 +0530 Tue, 05 Jul 2011 09:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=204989 The Tribunal upheld the penalty under section 271(1)(c) of the Income-tax Act, as the assessee's claim for expenditure was deemed ex facie false and not bona fide. Despite reliance on the auditor's report, the Tribunal found the explanation insufficient, in line with judicial precedents emphasizing penalties for false claims. The appeal was dismissed, affirming the penalty imposed for inaccurate particulars of income and attempting to evade tax. Case-Laws Income Tax Fri, 21 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=204989