https://www.taxtmi.com/caselaws?id=235950 The Tribunal upheld penalties imposed under Section 271(1)(c) of the Income Tax Act for Assessment Year 2007-2008, emphasizing the need for a bonafide explanation and disclosure of all material facts in claiming deductions under Section 80IA. The Tribunal ruled in favor of the Revenue, reinstating the penalties as the assessees failed to prove the bonafide nature of their deduction claim and address statutory provisions adequately. The appeals were disposed of without costs. en-us Mon, 29 Jul 2013 00:00:00 +0530 Fri, 09 Aug 2013 07:42:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=235950 The Tribunal upheld penalties imposed under Section 271(1)(c) of the Income Tax Act for Assessment Year 2007-2008, emphasizing the need for a bonafide explanation and disclosure of all material facts in claiming deductions under Section 80IA. The Tribunal ruled in favor of the Revenue, reinstating the penalties as the assessees failed to prove the bonafide nature of their deduction claim and address statutory provisions adequately. The appeals were disposed of without costs. Case-Laws Income Tax Mon, 29 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=235950