https://www.taxtmi.com/caselaws?id=241227 The ITAT upheld the levy of penalty under section 271(1)(c) in a case where certain receipts, including crane hire charges and sale of gunny bags/drums, were claimed for deduction under section 80IA but were deemed non-allowable as they lacked a direct nexus with the business activities. The ITAT emphasized the necessity for income to be directly derived from business operations for eligibility for deductions, rejecting the argument that the disputed receipts qualified. The decision affirmed the revenue authorities' disallowance of the claims and penalty imposition, citing the importance of accurate claims and consistent judicial interpretations. en-us Fri, 11 Oct 2013 00:00:00 +0530 Thu, 19 Dec 2013 10:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241227 The ITAT upheld the levy of penalty under section 271(1)(c) in a case where certain receipts, including crane hire charges and sale of gunny bags/drums, were claimed for deduction under section 80IA but were deemed non-allowable as they lacked a direct nexus with the business activities. The ITAT emphasized the necessity for income to be directly derived from business operations for eligibility for deductions, rejecting the argument that the disputed receipts qualified. The decision affirmed the revenue authorities' disallowance of the claims and penalty imposition, citing the importance of accurate claims and consistent judicial interpretations. Case-Laws Income Tax Fri, 11 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241227