https://www.taxtmi.com/caselaws?id=237469 The High Court upheld the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961, in a case involving inaccurate particulars of income. The court found that the assessee failed to discharge the burden under Explanation 1 to Section 271(1)(c) due to inaccurate claims related to loss on investments, vehicles, and disallowance under Section 43B. However, the court deemed the penalty unjustified for the claim of depreciation on plant and machinery, considering it a debatable legal position. The appeal was disposed of with no order as to costs. en-us Thu, 12 Sep 2013 00:00:00 +0530 Sat, 28 Sep 2013 07:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=237469 The High Court upheld the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961, in a case involving inaccurate particulars of income. The court found that the assessee failed to discharge the burden under Explanation 1 to Section 271(1)(c) due to inaccurate claims related to loss on investments, vehicles, and disallowance under Section 43B. However, the court deemed the penalty unjustified for the claim of depreciation on plant and machinery, considering it a debatable legal position. The appeal was disposed of with no order as to costs. Case-Laws Income Tax Thu, 12 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=237469