https://www.taxtmi.com/caselaws?id=211312 The appeal was dismissed, and the penalty under Section 271(1)(c) for concealment of income was upheld. The expenditure paid to the Registrar of Companies for raising authorized capital was not considered deductible as revenue expenditure. The Tribunal found the claim to be false, non-bona fide, and pursued despite being patently disallowable, leading to the imposition of the penalty. Satisfaction for initiating penalty proceedings was recorded during the assessment, meeting the legal requirements. en-us Fri, 23 Dec 2011 00:00:00 +0530 Fri, 24 May 2013 11:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=211312 The appeal was dismissed, and the penalty under Section 271(1)(c) for concealment of income was upheld. The expenditure paid to the Registrar of Companies for raising authorized capital was not considered deductible as revenue expenditure. The Tribunal found the claim to be false, non-bona fide, and pursued despite being patently disallowable, leading to the imposition of the penalty. Satisfaction for initiating penalty proceedings was recorded during the assessment, meeting the legal requirements. Case-Laws Income Tax Fri, 23 Dec 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=211312