https://www.taxtmi.com/caselaws?id=185857 The Tribunal upheld the penalty imposed under section 271(1)(c) on the disallowances of depreciation and legal expenses for an educational institution partnership firm. The penalty was confirmed based on the principle that furnishing inaccurate particulars of income attracts penalty, even if the claim made is not sustainable in law, unless substantiated or found to be bona fide. The Tribunal found the double claim on the school building and legal expenses to be not bona fide, leading to the dismissal of the appeal filed by the assessee. en-us Fri, 30 Mar 2012 00:00:00 +0530 Tue, 30 Aug 2016 17:20:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185857 The Tribunal upheld the penalty imposed under section 271(1)(c) on the disallowances of depreciation and legal expenses for an educational institution partnership firm. The penalty was confirmed based on the principle that furnishing inaccurate particulars of income attracts penalty, even if the claim made is not sustainable in law, unless substantiated or found to be bona fide. The Tribunal found the double claim on the school building and legal expenses to be not bona fide, leading to the dismissal of the appeal filed by the assessee. Case-Laws Income Tax Fri, 30 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185857