https://www.taxtmi.com/caselaws?id=755348 ITAT Raipur upheld penalty under Section 271(1)(c) against the assessee company for claiming inflated expenses in revised return that contradicted audited financial statements. The company failed to provide bonafide explanation for false expense claims, constituting concealment of income. However, penalty was deleted regarding delayed deposit of employee welfare fund contributions as this was legally permissible under prevailing SC precedent in Alom Extrusions Limited. ITAT also vacated penalty under Section 270A for the welfare fund issue, finding no under-reporting since the claim was supported by valid judicial pronouncements. The tribunal emphasized that wrong expense claims require revised returns, not mere correspondence with AO. en-us Thu, 14 Dec 2023 00:00:00 +0530 Wed, 10 Jul 2024 15:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755348 ITAT Raipur upheld penalty under Section 271(1)(c) against the assessee company for claiming inflated expenses in revised return that contradicted audited financial statements. The company failed to provide bonafide explanation for false expense claims, constituting concealment of income. However, penalty was deleted regarding delayed deposit of employee welfare fund contributions as this was legally permissible under prevailing SC precedent in Alom Extrusions Limited. ITAT also vacated penalty under Section 270A for the welfare fund issue, finding no under-reporting since the claim was supported by valid judicial pronouncements. The tribunal emphasized that wrong expense claims require revised returns, not mere correspondence with AO. Case-Laws Income Tax Thu, 14 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755348