https://www.taxtmi.com/caselaws?id=218922 The Tribunal upheld the penalty imposed under section 271(1)(c) of the Income Tax Act for Assessment Year 2000-01, based on findings that the expenses claimed were not genuinely related to the assessee's business but were diverted from sister concerns to reduce tax liability. The Tribunal emphasized the importance of bona fide claims and consequences of incorrect claims, leading to the dismissal of the appeal. en-us Fri, 20 Jan 2012 00:00:00 +0530 Thu, 29 Nov 2012 08:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218922 The Tribunal upheld the penalty imposed under section 271(1)(c) of the Income Tax Act for Assessment Year 2000-01, based on findings that the expenses claimed were not genuinely related to the assessee's business but were diverted from sister concerns to reduce tax liability. The Tribunal emphasized the importance of bona fide claims and consequences of incorrect claims, leading to the dismissal of the appeal. Case-Laws Income Tax Fri, 20 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218922