https://www.taxtmi.com/caselaws?id=217962 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed under sec. 271(1)(c) of the Income Tax Act for Assessment Year 2005-06. The case clarified that merely making an incorrect claim does not amount to furnishing inaccurate particulars of income. The Tribunal emphasized that the assessee had disclosed all material facts and raised a legal claim, even if found legally unacceptable, and that the penalty was not imposable as per relevant legal precedents. The Revenue's appeal was dismissed, affirming the deletion of the penalty. en-us Wed, 18 Jul 2012 00:00:00 +0530 Thu, 06 Sep 2012 13:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217962 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed under sec. 271(1)(c) of the Income Tax Act for Assessment Year 2005-06. The case clarified that merely making an incorrect claim does not amount to furnishing inaccurate particulars of income. The Tribunal emphasized that the assessee had disclosed all material facts and raised a legal claim, even if found legally unacceptable, and that the penalty was not imposable as per relevant legal precedents. The Revenue's appeal was dismissed, affirming the deletion of the penalty. Case-Laws Income Tax Wed, 18 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217962