https://www.taxtmi.com/caselaws?id=376121 The Income Tax Appellate Tribunal confirmed the penalty imposed under Section 271(1)(c) for the assessment year 2007-08 on a cooperative bank for furnishing inaccurate particulars of income. Despite the appellant's arguments of bona fide and clerical mistakes, the Tribunal held that the discrepancies in the return justified penalty imposition. The Tribunal found that the deliberate and intentional omissions in disclosing income details warranted the penalty, emphasizing the strict liability for concealment or inaccuracies under the Income Tax Act. The appeal was dismissed, upholding the penalty imposition. en-us Thu, 21 Feb 2019 00:00:00 +0530 Tue, 30 Jul 2019 14:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376121 The Income Tax Appellate Tribunal confirmed the penalty imposed under Section 271(1)(c) for the assessment year 2007-08 on a cooperative bank for furnishing inaccurate particulars of income. Despite the appellant's arguments of bona fide and clerical mistakes, the Tribunal held that the discrepancies in the return justified penalty imposition. The Tribunal found that the deliberate and intentional omissions in disclosing income details warranted the penalty, emphasizing the strict liability for concealment or inaccuracies under the Income Tax Act. The appeal was dismissed, upholding the penalty imposition. Case-Laws Income Tax Thu, 21 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376121