https://www.taxtmi.com/caselaws?id=435475 The court upheld the Tribunal's decision in Tax Case Appeals, confirming the penalty levy under Section 271(1)(c) of the Income Tax Act. It ruled in favor of the revenue, emphasizing that the appellant's false Research and Development expenditure claim without evidence constituted inaccurate particulars warranting penalty. The court clarified that wilful intent is not necessary for penalty under Section 271(1)(c) and that reporting losses does not exempt from penalty. Strict liability applied, leading to the dismissal of the appeals and the affirmation of the penalty levy. en-us Mon, 29 Aug 2022 00:00:00 +0530 Mon, 20 Mar 2023 18:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=435475 The court upheld the Tribunal's decision in Tax Case Appeals, confirming the penalty levy under Section 271(1)(c) of the Income Tax Act. It ruled in favor of the revenue, emphasizing that the appellant's false Research and Development expenditure claim without evidence constituted inaccurate particulars warranting penalty. The court clarified that wilful intent is not necessary for penalty under Section 271(1)(c) and that reporting losses does not exempt from penalty. Strict liability applied, leading to the dismissal of the appeals and the affirmation of the penalty levy. Case-Laws Income Tax Mon, 29 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=435475