https://www.taxtmi.com/caselaws?id=367060 The court upheld the penalty under Section 271(1)(c) of the Income Tax Act against the assessee for claiming non-business expenses as business expenses. The court found the assessee's inclusion of expenses as non-business was not inadvertent, considering the nature of the business and lack of evidence supporting a revised return. Legal precedents were cited to support the penalty imposition, emphasizing the need to substantiate claims and apply legal principles. The appeal was dismissed, emphasizing the importance of factual circumstances in penalty determinations under the Income Tax Act. en-us Thu, 30 Aug 2018 00:00:00 +0530 Fri, 14 Sep 2018 07:48:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=367060 The court upheld the penalty under Section 271(1)(c) of the Income Tax Act against the assessee for claiming non-business expenses as business expenses. The court found the assessee's inclusion of expenses as non-business was not inadvertent, considering the nature of the business and lack of evidence supporting a revised return. Legal precedents were cited to support the penalty imposition, emphasizing the need to substantiate claims and apply legal principles. The appeal was dismissed, emphasizing the importance of factual circumstances in penalty determinations under the Income Tax Act. Case-Laws Income Tax Thu, 30 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=367060