https://www.taxtmi.com/caselaws?id=178070 The appellate tribunal upheld the penalty imposed on the assessee company for furnishing inaccurate particulars of income under section 271(1)(c). The tribunal found that the company failed to declare book profits as required by section 115JB, demonstrating a deliberate intention to avoid tax obligations. Despite the company's argument that no penalty should be levied for incorrect tax calculations on disclosed income, the tribunal affirmed the lower authorities' decisions, emphasizing the company's non-compliance with tax provisions and lack of explanations for discrepancies. The penalty imposition was confirmed, and the appeal was dismissed. en-us Wed, 16 Mar 2011 00:00:00 +0530 Wed, 27 Jan 2016 18:44:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178070 The appellate tribunal upheld the penalty imposed on the assessee company for furnishing inaccurate particulars of income under section 271(1)(c). The tribunal found that the company failed to declare book profits as required by section 115JB, demonstrating a deliberate intention to avoid tax obligations. Despite the company's argument that no penalty should be levied for incorrect tax calculations on disclosed income, the tribunal affirmed the lower authorities' decisions, emphasizing the company's non-compliance with tax provisions and lack of explanations for discrepancies. The penalty imposition was confirmed, and the appeal was dismissed. Case-Laws Income Tax Wed, 16 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178070