https://www.taxtmi.com/caselaws?id=218739 The Tribunal upheld penalties imposed on the assessee for the assessment years 2001-02 and 2002-03 under Section 271(1)(c) of the Income Tax Act. The penalties were confirmed due to the disallowance of consultancy expenditure claimed by the assessee, which was not substantiated to be incurred for business purposes. Despite the assessee's arguments and disclosure in the profit & loss account, the Tribunal found the explanation provided to be lacking in bona fides and upheld the penalties, as the burden of proof under Explanation-1 to Section 271(1)(c) was not discharged. en-us Wed, 25 Jan 2012 00:00:00 +0530 Mon, 12 Nov 2012 11:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218739 The Tribunal upheld penalties imposed on the assessee for the assessment years 2001-02 and 2002-03 under Section 271(1)(c) of the Income Tax Act. The penalties were confirmed due to the disallowance of consultancy expenditure claimed by the assessee, which was not substantiated to be incurred for business purposes. Despite the assessee's arguments and disclosure in the profit & loss account, the Tribunal found the explanation provided to be lacking in bona fides and upheld the penalties, as the burden of proof under Explanation-1 to Section 271(1)(c) was not discharged. Case-Laws Income Tax Wed, 25 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218739