https://www.taxtmi.com/caselaws?id=123013 Penalty under section 271(1)(c) was not leviable where the assessee made a bona fide exemption claim supported by correspondence and disclosed all primary facts in the return and during assessment. The mere rejection of the claim in quantum proceedings did not establish concealment of income or furnishing of inaccurate particulars, because the record did not show that the explanation was false, absent, or unsupported by material disclosure. Explanation 1 applies only where the explanation lacks bona fides or relevant facts are withheld. On these facts, the penalty was cancelled in favour of the assessee. en-us Fri, 06 Aug 2010 00:00:00 +0530 Tue, 28 Aug 2012 13:17:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=123013 Penalty under section 271(1)(c) was not leviable where the assessee made a bona fide exemption claim supported by correspondence and disclosed all primary facts in the return and during assessment. The mere rejection of the claim in quantum proceedings did not establish concealment of income or furnishing of inaccurate particulars, because the record did not show that the explanation was false, absent, or unsupported by material disclosure. Explanation 1 applies only where the explanation lacks bona fides or relevant facts are withheld. On these facts, the penalty was cancelled in favour of the assessee. Case-Laws Income Tax Fri, 06 Aug 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=123013