https://www.taxtmi.com/caselaws?id=353601 The Bombay High Court upheld the penalty imposed under Section 271(1)(c) of the Income Tax Act on a company for inaccurately claiming an exemption under Section 54. The court emphasized that penalties apply when inaccurate particulars are furnished, as seen in this case where the claim was prohibited under the Act. The court dismissed the challenge to the penalty, noting the absence of evidence supporting a bona fide mistake and highlighting the importance of complying with statutory provisions to avoid penalties. en-us Mon, 18 Dec 2017 00:00:00 +0530 Mon, 08 Jan 2018 10:21:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353601 The Bombay High Court upheld the penalty imposed under Section 271(1)(c) of the Income Tax Act on a company for inaccurately claiming an exemption under Section 54. The court emphasized that penalties apply when inaccurate particulars are furnished, as seen in this case where the claim was prohibited under the Act. The court dismissed the challenge to the penalty, noting the absence of evidence supporting a bona fide mistake and highlighting the importance of complying with statutory provisions to avoid penalties. Case-Laws Income Tax Mon, 18 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353601