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Penalty levied u/s 271(1)(c) - bogus claim of exemption u/s 11 - assessee claimed exemption of its income under section 11(1) of the Act without any registration under section 12AA(1) - mensrea - “Bonafides” have to be shown and cannot be assumed. Penalty confirmed.

Income Tax - Penalty levied u/s 271(1)(c) - bogus claim of exemption u/s 11 - assessee claimed exemption of its income under section 11(1) of the Act without any registration under section 12AA(1) - mensrea - “Bonafides” have to be shown and cannot be assumed. Penalty confirmed. - TMI Updates - Highlights ..... .....

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