https://www.taxtmi.com/caselaws?id=219321 The Tribunal upheld the penalty of Rs. 1,70,37,168/- under Section 271(1)(c) of the Income Tax Act, finding that the assessee's claim of exempt dividend income was not bona fide. Despite citing case precedents, the Tribunal ruled that the claim was illegal and unsustainable, emphasizing that penalties apply to incorrect claims lacking a genuine basis. The decision highlighted the assessee's awareness obligation as a banking company and rejected the explanation provided for the erroneous claim. en-us Fri, 31 Aug 2012 00:00:00 +0530 Tue, 11 Dec 2012 09:15:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219321 The Tribunal upheld the penalty of Rs. 1,70,37,168/- under Section 271(1)(c) of the Income Tax Act, finding that the assessee's claim of exempt dividend income was not bona fide. Despite citing case precedents, the Tribunal ruled that the claim was illegal and unsustainable, emphasizing that penalties apply to incorrect claims lacking a genuine basis. The decision highlighted the assessee's awareness obligation as a banking company and rejected the explanation provided for the erroneous claim. Case-Laws Income Tax Fri, 31 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219321