https://www.taxtmi.com/caselaws?id=219222 The Tribunal set aside the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961 on a company providing marketing support services. The penalty was initially confirmed by the First Appellate Authority for furnishing inaccurate particulars and failure to disclose material facts in the computation of total income. However, the Tribunal held that the penalty was unjustified as the appellant's use of multiple year data for transfer pricing was a bonafide exercise. The Tribunal found the appellant's explanation to be bonafide, leading to the appeal being allowed and the penalty being overturned. en-us Mon, 17 Sep 2012 00:00:00 +0530 Wed, 06 Apr 2016 15:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219222 The Tribunal set aside the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961 on a company providing marketing support services. The penalty was initially confirmed by the First Appellate Authority for furnishing inaccurate particulars and failure to disclose material facts in the computation of total income. However, the Tribunal held that the penalty was unjustified as the appellant's use of multiple year data for transfer pricing was a bonafide exercise. The Tribunal found the appellant's explanation to be bonafide, leading to the appeal being allowed and the penalty being overturned. Case-Laws Income Tax Mon, 17 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219222