https://www.taxtmi.com/caselaws?id=378857 The Tribunal upheld penalties under Section 271(1)(c) for Assessment Years 2005-06 and 2006-07, as the Assessee failed to provide a credible explanation for claiming deductions under Section 80IB. The Assessee withdrew the claims only after being questioned by the Assessing Officer, indicating lack of bona fides. The Tribunal found the claims were not made in good faith and dismissed the Assessee's applications, emphasizing that the additional evidence did not change the fact that the claims were withdrawn due to scrutiny. en-us Mon, 08 Apr 2019 00:00:00 +0530 Mon, 22 Apr 2019 18:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=378857 The Tribunal upheld penalties under Section 271(1)(c) for Assessment Years 2005-06 and 2006-07, as the Assessee failed to provide a credible explanation for claiming deductions under Section 80IB. The Assessee withdrew the claims only after being questioned by the Assessing Officer, indicating lack of bona fides. The Tribunal found the claims were not made in good faith and dismissed the Assessee's applications, emphasizing that the additional evidence did not change the fact that the claims were withdrawn due to scrutiny. Case-Laws Income Tax Mon, 08 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=378857