https://www.taxtmi.com/caselaws?id=272879 The Tribunal upheld the penalties imposed under section 271(1)(c) of the Income Tax Act for the assessment years 1998-99, 2002-03, and 2003-04. The penalties were confirmed due to the assessee's submission of inaccurate particulars of income by claiming illegal payments as sundry expenses, which were not allowable under the Act. The Tribunal emphasized that the penalties were justified as the claims were not bona fide and were made to reduce taxable income. The appeals filed by the assessee challenging the penalties were dismissed. en-us Wed, 30 Oct 2013 00:00:00 +0530 Tue, 22 May 2018 17:21:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272879 The Tribunal upheld the penalties imposed under section 271(1)(c) of the Income Tax Act for the assessment years 1998-99, 2002-03, and 2003-04. The penalties were confirmed due to the assessee's submission of inaccurate particulars of income by claiming illegal payments as sundry expenses, which were not allowable under the Act. The Tribunal emphasized that the penalties were justified as the claims were not bona fide and were made to reduce taxable income. The appeals filed by the assessee challenging the penalties were dismissed. Case-Laws Income Tax Wed, 30 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272879