https://www.taxtmi.com/caselaws?id=217736 The appeal was filed challenging the deletion of a penalty under Section 271 (1) (c) of the Income Tax Act amounting to Rs. 27,61,108 for the assessment year 2002-03. The Tribunal found that the assessee had not furnished inaccurate particulars of income, as confirmed by the CIT (A), leading to the penalty deletion. The Tribunal justified this decision based on the explanation provided by the assessee regarding fund collection and shares issuance. The Supreme Court precedent clarified that a claim not sustainable in law does not constitute inaccurate particulars. Consequently, the Income Tax Appeal was dismissed, upholding the Tribunal's decision. en-us Tue, 16 Oct 2012 00:00:00 +0530 Mon, 15 Jul 2013 14:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217736 The appeal was filed challenging the deletion of a penalty under Section 271 (1) (c) of the Income Tax Act amounting to Rs. 27,61,108 for the assessment year 2002-03. The Tribunal found that the assessee had not furnished inaccurate particulars of income, as confirmed by the CIT (A), leading to the penalty deletion. The Tribunal justified this decision based on the explanation provided by the assessee regarding fund collection and shares issuance. The Supreme Court precedent clarified that a claim not sustainable in law does not constitute inaccurate particulars. Consequently, the Income Tax Appeal was dismissed, upholding the Tribunal's decision. Case-Laws Income Tax Tue, 16 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217736