https://www.taxtmi.com/caselaws?id=121508 Penalty under section 271(1)(c) applies only to concealment of income or furnishing of inaccurate particulars, and Explanation 1 deems concealment only where the assessee gives no explanation, a false explanation, or an unsubstantiated explanation without full disclosure of material facts. On the stated facts, the assessee had disclosed the relevant particulars, and the excess deduction claim was treated as a calculation error about the allowable period. Filing a revised return after the prescribed time did not, by itself, establish concealment or inaccurate particulars because the claim arose from disclosed material and a computation adjustment. Penalty was therefore held not leviable. en-us Thu, 19 Mar 2009 00:00:00 +0530 Wed, 25 Oct 2023 15:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121508 Penalty under section 271(1)(c) applies only to concealment of income or furnishing of inaccurate particulars, and Explanation 1 deems concealment only where the assessee gives no explanation, a false explanation, or an unsubstantiated explanation without full disclosure of material facts. On the stated facts, the assessee had disclosed the relevant particulars, and the excess deduction claim was treated as a calculation error about the allowable period. Filing a revised return after the prescribed time did not, by itself, establish concealment or inaccurate particulars because the claim arose from disclosed material and a computation adjustment. Penalty was therefore held not leviable. Case-Laws Income Tax Thu, 19 Mar 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121508