https://www.taxtmi.com/forum/issue?id=2481 Whether a penalty arises when an assessing officer disallows certain expenses under the statutory disallowance provisions depends on whether the misstatement amounts to concealment or furnishing inaccurate particulars rather than a bona fide mistake. Relevant factors include the taxpayer's nature, who prepared the return, prior warnings or repeated errors, and professional advice. Authorities may be lenient in early years where there was genuine unawareness, but persistent or willful non compliance and mistakes after warning support imposition of the penalty provision under section 271(1)(c). en-us Mon, 13 Dec 2010 21:29:22 +0530 Thu, 23 Jan 2025 15:58:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=2481 Whether a penalty arises when an assessing officer disallows certain expenses under the statutory disallowance provisions depends on whether the misstatement amounts to concealment or furnishing inaccurate particulars rather than a bona fide mistake. Relevant factors include the taxpayer's nature, who prepared the return, prior warnings or repeated errors, and professional advice. Authorities may be lenient in early years where there was genuine unawareness, but persistent or willful non compliance and mistakes after warning support imposition of the penalty provision under section 271(1)(c). Discussion-Forum Income Tax Mon, 13 Dec 2010 21:29:22 +0530 https://www.taxtmi.com/forum/issue?id=2481