https://www.taxtmi.com/caselaws?id=209936 The ITAT held that the amount received by the firm from DTTI was a revenue receipt taxable in the firm's hands. The penalty imposed under Section 271(1)(c) for furnishing inaccurate particulars of income was justified as the firm's actions were deemed to be an attempt to evade tax. The ITAT reversed the CIT(A)'s decision to cancel the penalty, restoring the AO's imposition of the penalty. en-us Fri, 22 Jul 2011 00:00:00 +0530 Wed, 14 Sep 2016 15:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=209936 The ITAT held that the amount received by the firm from DTTI was a revenue receipt taxable in the firm's hands. The penalty imposed under Section 271(1)(c) for furnishing inaccurate particulars of income was justified as the firm's actions were deemed to be an attempt to evade tax. The ITAT reversed the CIT(A)'s decision to cancel the penalty, restoring the AO's imposition of the penalty. Case-Laws Income Tax Fri, 22 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=209936