https://www.taxtmi.com/caselaws?id=221408 The court dismissed the appeal in an Income Tax case, finding that the penalty for furnishing inaccurate income particulars was not justified. The dispute centered on whether a grant in aid should be treated as a capital or revenue receipt. The court distinguished the case from a Delhi High Court judgment, emphasizing the differing factual circumstances. As the treatment of the grant in aid as a revenue receipt was a debatable issue, the court upheld the Tribunal's decision to set aside the penalty, concluding that no substantial question of law arose. en-us Mon, 21 Jan 2013 00:00:00 +0530 Mon, 01 Jul 2013 12:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=221408 The court dismissed the appeal in an Income Tax case, finding that the penalty for furnishing inaccurate income particulars was not justified. The dispute centered on whether a grant in aid should be treated as a capital or revenue receipt. The court distinguished the case from a Delhi High Court judgment, emphasizing the differing factual circumstances. As the treatment of the grant in aid as a revenue receipt was a debatable issue, the court upheld the Tribunal's decision to set aside the penalty, concluding that no substantial question of law arose. Case-Laws Income Tax Mon, 21 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=221408