https://www.taxtmi.com/caselaws?id=265806 The Tribunal upheld the penalty of Rs. 2,50,000 imposed under Section 271(1)(c) of the Income Tax Act, 1961, finding the assessee's explanations false and not bona fide. The penalty was confirmed due to the inclusion of impugned turnover as export turnover without proper approval, despite the lack of substantiation. The appeal was dismissed, affirming the penalty. en-us Tue, 08 Sep 2015 00:00:00 +0530 Sat, 30 Apr 2016 12:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=265806 The Tribunal upheld the penalty of Rs. 2,50,000 imposed under Section 271(1)(c) of the Income Tax Act, 1961, finding the assessee's explanations false and not bona fide. The penalty was confirmed due to the inclusion of impugned turnover as export turnover without proper approval, despite the lack of substantiation. The appeal was dismissed, affirming the penalty. Case-Laws Income Tax Tue, 08 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=265806