https://www.taxtmi.com/news?id=919 Whether a penalty under 271(1)(c) may be imposed where an assessee claims exempt income but nonetheless discloses the full particulars of its receipts. The tribunal found that the assessee had disclosed all material facts and had not concealed or furnished inaccurate particulars of income, and the penalty was deleted. A bona fide but incorrect claim of exemption accompanied by transparent disclosure of income heads does not automatically attract the penal provision. en-us Sun, 05 Jul 2009 21:00:09 +0530 Sun, 05 Jul 2009 21:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=919 Whether a penalty under 271(1)(c) may be imposed where an assessee claims exempt income but nonetheless discloses the full particulars of its receipts. The tribunal found that the assessee had disclosed all material facts and had not concealed or furnished inaccurate particulars of income, and the penalty was deleted. A bona fide but incorrect claim of exemption accompanied by transparent disclosure of income heads does not automatically attract the penal provision. News - Sun, 05 Jul 2009 21:00:09 +0530 https://www.taxtmi.com/news?id=919