https://www.taxtmi.com/caselaws?id=203430 Penalty under section 271(1)(c) was held not sustainable where the assessee had disclosed all material particulars about two rented residential accommodations and the dispute concerned only the legal admissibility of exemption under section 10(13A). The Tribunal applied the principle that an incorrect or untenable claim, without concealment of income or furnishing of inaccurate particulars, does not by itself attract penalty. It also accepted that the assessee's explanation was bona fide and not shown to be false, so the penalty was cancelled. en-us Wed, 07 Apr 2010 00:00:00 +0530 Thu, 26 May 2011 08:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=203430 Penalty under section 271(1)(c) was held not sustainable where the assessee had disclosed all material particulars about two rented residential accommodations and the dispute concerned only the legal admissibility of exemption under section 10(13A). The Tribunal applied the principle that an incorrect or untenable claim, without concealment of income or furnishing of inaccurate particulars, does not by itself attract penalty. It also accepted that the assessee's explanation was bona fide and not shown to be false, so the penalty was cancelled. Case-Laws Income Tax Wed, 07 Apr 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=203430