https://www.taxtmi.com/caselaws?id=300880 The court upheld the denial of exemption under Section 54F of the Income Tax Act, emphasizing that additional claims cannot be made during assessment without a revised return. The court found that the petitioner's conduct was not bonafide regarding non-disclosure of income, leading to penalty proceedings under Section 271(1)(c) of the Act. The court concluded that the Revenue Officers complied with legal responsibilities and adhered to statutory provisions and judicial precedents, dismissing the writ petition. The petitioner was granted the liberty to appeal the penalty order before the Appellate Authority. en-us Mon, 11 Jan 2021 00:00:00 +0530 Tue, 01 Mar 2022 18:19:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=300880 The court upheld the denial of exemption under Section 54F of the Income Tax Act, emphasizing that additional claims cannot be made during assessment without a revised return. The court found that the petitioner's conduct was not bonafide regarding non-disclosure of income, leading to penalty proceedings under Section 271(1)(c) of the Act. The court concluded that the Revenue Officers complied with legal responsibilities and adhered to statutory provisions and judicial precedents, dismissing the writ petition. The petitioner was granted the liberty to appeal the penalty order before the Appellate Authority. Case-Laws Income Tax Mon, 11 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=300880