https://www.taxtmi.com/caselaws?id=371692 The Tribunal upheld penalties imposed under section 271(1)(c) of the Income Tax Act for assessment years 2003-04 to 2005-06, as the assessee's claims of exemption under section 11(1) without registration under section 12AA(1) were deemed non-bona fide. The appeals were dismissed, affirming the penalties for the bogus exemption claims. The Tribunal emphasized that penalties do not require wilful concealment and upheld the penalties sustained by the CIT(A) for all three assessment years. en-us Thu, 06 Dec 2018 00:00:00 +0530 Sat, 08 Dec 2018 06:38:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=371692 The Tribunal upheld penalties imposed under section 271(1)(c) of the Income Tax Act for assessment years 2003-04 to 2005-06, as the assessee's claims of exemption under section 11(1) without registration under section 12AA(1) were deemed non-bona fide. The appeals were dismissed, affirming the penalties for the bogus exemption claims. The Tribunal emphasized that penalties do not require wilful concealment and upheld the penalties sustained by the CIT(A) for all three assessment years. Case-Laws Income Tax Thu, 06 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=371692