https://www.taxtmi.com/caselaws?id=245365 The court upheld the penalty imposed under Section 271(1)(C) of the Income Tax Act, 1961 on the appellant for knowingly furnishing inaccurate particulars to avoid tax liability. The penalty was reduced by 50% to Rs. 1,14,000 due to lack of antecedent. The court clarified that penalties apply when inaccurate particulars are knowingly furnished, even if based on incorrect claims, emphasizing the deliberate nature of the act. The appeal was allowed in part, directing the refund of any excess amount paid by the appellant with interest, and no costs were ordered. en-us Fri, 21 Mar 2014 00:00:00 +0530 Sat, 21 Feb 2015 14:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=245365 The court upheld the penalty imposed under Section 271(1)(C) of the Income Tax Act, 1961 on the appellant for knowingly furnishing inaccurate particulars to avoid tax liability. The penalty was reduced by 50% to Rs. 1,14,000 due to lack of antecedent. The court clarified that penalties apply when inaccurate particulars are knowingly furnished, even if based on incorrect claims, emphasizing the deliberate nature of the act. The appeal was allowed in part, directing the refund of any excess amount paid by the appellant with interest, and no costs were ordered. Case-Laws Income Tax Fri, 21 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=245365