https://www.taxtmi.com/caselaws?id=332588 The tribunal upheld penalties imposed for furnishing inaccurate income particulars under Section 271(1)(c) of the Income Tax Act for AY 2005-06 and AY 2006-07. The penalties were confirmed due to the assessee's failure to justify deductions claimed under Section 80IB, later withdrawn. Revised returns were filed only after departmental queries, beyond statutory limits. The tribunal dismissed appeals, emphasizing timely, bona fide disclosure in tax returns to avoid penalties under Section 271(1)(c). en-us Thu, 11 Aug 2016 00:00:00 +0530 Wed, 21 Sep 2016 15:51:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332588 The tribunal upheld penalties imposed for furnishing inaccurate income particulars under Section 271(1)(c) of the Income Tax Act for AY 2005-06 and AY 2006-07. The penalties were confirmed due to the assessee's failure to justify deductions claimed under Section 80IB, later withdrawn. Revised returns were filed only after departmental queries, beyond statutory limits. The tribunal dismissed appeals, emphasizing timely, bona fide disclosure in tax returns to avoid penalties under Section 271(1)(c). Case-Laws Income Tax Thu, 11 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332588