https://www.taxtmi.com/caselaws?id=59611 The Tribunal upheld the imposition of a penalty under Section 271(1)(c), reversing the CIT(A)'s decision. It determined that the assessee filed inaccurate particulars when claiming a deduction for Rs. 2.15 crores as revenue expenditure. The explanation provided by the assessee was deemed not bona fide, as it contradicted auditors' advice and lacked full disclosure of material facts. Consequently, the Tribunal allowed the Revenue's appeal, finding that the expenditure was capital in nature and the assessee's claim was misleading. en-us Fri, 29 Jul 2005 00:00:00 +0530 Wed, 24 Apr 2024 18:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59611 The Tribunal upheld the imposition of a penalty under Section 271(1)(c), reversing the CIT(A)'s decision. It determined that the assessee filed inaccurate particulars when claiming a deduction for Rs. 2.15 crores as revenue expenditure. The explanation provided by the assessee was deemed not bona fide, as it contradicted auditors' advice and lacked full disclosure of material facts. Consequently, the Tribunal allowed the Revenue's appeal, finding that the expenditure was capital in nature and the assessee's claim was misleading. Case-Laws Income Tax Fri, 29 Jul 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59611