Penalty u/s 271(1)( c) justified in case of deliberate false claim of exemption in ROI

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 b...