https://www.taxtmi.com/caselaws?id=121332 The ITAT allowed the appeal, deleting the penalty imposed under section 271(1)(c) for furnishing inaccurate particulars of income, including the disallowance of capital expenditure. The ITAT held that the assessee acted in good faith, supported by an auditor's report and under a bona fide belief, referencing relevant case law. The penalty was deemed unwarranted as the assessee disclosed all necessary particulars, leading to the conclusion that there was no conscious concealment. en-us Fri, 03 Jul 2009 00:00:00 +0530 Sat, 28 Jul 2012 13:30:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121332 The ITAT allowed the appeal, deleting the penalty imposed under section 271(1)(c) for furnishing inaccurate particulars of income, including the disallowance of capital expenditure. The ITAT held that the assessee acted in good faith, supported by an auditor's report and under a bona fide belief, referencing relevant case law. The penalty was deemed unwarranted as the assessee disclosed all necessary particulars, leading to the conclusion that there was no conscious concealment. Case-Laws Income Tax Fri, 03 Jul 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121332