Case Law Details
Case Name : JCIT Vs Cybertech Systems & Software P. Ltd. (ITAT Mumbai)
Appeal Number : I.T.A. Nos. 3655, 3656 & 3657/Mum/2006
Date of Judgement/Order : 07/08/2015
Related Assessment Year :
Courts :
All ITAT ITAT Mumbai
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Brief of the case
Assesse’s claim for exemption u/s 10B was denied. A.O. also passed a penalty order u/s 271(1)(c) for raising a false claim for exemption. Tribunal found that assesse had not even challenged rejection of claim in appeal. Moreover, judgments relied upon by assesse for raising such a claim were found distinguished on facts. Tribunal, thus concluded that assesse deliberately furnished false particulars of income. Accordingly, impugned penalty order was confirmed.
Facts of the case
- The assessee claimed benefit u/s.10B on the interest income earned on deposits placed with the bank/s for fixed term/s (FDRs) and inter-corporate deposits (ICDs).
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