https://www.taxtmi.com/caselaws?id=212079 The Tribunal concluded that the penalty under section 271(1)(c) of the Income-tax Act was not justified. The assessee's claim of compensation as a capital receipt not chargeable to tax was found to be bona fide, supported by a legal opinion, and properly disclosed. The Tribunal referenced a Supreme Court judgment emphasizing that making an unsustainable claim does not constitute furnishing inaccurate particulars. As a result, the penalty imposed by the Assessing Officer was deleted, and the appeal was allowed. en-us Wed, 25 Jan 2012 00:00:00 +0530 Mon, 18 Apr 2016 16:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212079 The Tribunal concluded that the penalty under section 271(1)(c) of the Income-tax Act was not justified. The assessee's claim of compensation as a capital receipt not chargeable to tax was found to be bona fide, supported by a legal opinion, and properly disclosed. The Tribunal referenced a Supreme Court judgment emphasizing that making an unsustainable claim does not constitute furnishing inaccurate particulars. As a result, the penalty imposed by the Assessing Officer was deleted, and the appeal was allowed. Case-Laws Income Tax Wed, 25 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212079