https://www.taxtmi.com/caselaws?id=155018 The Tribunal held that penalties under section 271(1)(c) for disallowance under section 43B and provision for doubtful debts were not justified. The Tribunal found the claims were bona fide, supported by legal precedents, and full disclosure of facts. Citing the Supreme Court in CIT v. Reliance Petroproducts Ltd., it emphasized that making a claim does not constitute furnishing inaccurate particulars or concealing income. The appeal was allowed, and penalties were deleted. en-us Fri, 27 May 2011 00:00:00 +0530 Thu, 20 Apr 2023 12:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=155018 The Tribunal held that penalties under section 271(1)(c) for disallowance under section 43B and provision for doubtful debts were not justified. The Tribunal found the claims were bona fide, supported by legal precedents, and full disclosure of facts. Citing the Supreme Court in CIT v. Reliance Petroproducts Ltd., it emphasized that making a claim does not constitute furnishing inaccurate particulars or concealing income. The appeal was allowed, and penalties were deleted. Case-Laws Income Tax Fri, 27 May 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=155018