https://www.taxtmi.com/caselaws?id=234728 The Tribunal upheld the penalty under Section 271(1)(c) of the Income Tax Act and disallowed the Research & Development (R&D) expenses claimed by the assessee. The Tribunal found that the assessee failed to provide sufficient evidence to support the R&D expenditure claims, leading to the conclusion that the transactions with Swiss Consultancy and Premium Investment were not genuine business expenses but accommodation bills. The decision was based on discrepancies in the assessee's books of account and the lack of credible evidence supporting the expenses claimed. en-us Wed, 15 May 2013 00:00:00 +0530 Tue, 25 Jun 2013 20:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=234728 The Tribunal upheld the penalty under Section 271(1)(c) of the Income Tax Act and disallowed the Research & Development (R&D) expenses claimed by the assessee. The Tribunal found that the assessee failed to provide sufficient evidence to support the R&D expenditure claims, leading to the conclusion that the transactions with Swiss Consultancy and Premium Investment were not genuine business expenses but accommodation bills. The decision was based on discrepancies in the assessee's books of account and the lack of credible evidence supporting the expenses claimed. Case-Laws Income Tax Wed, 15 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=234728