https://www.taxtmi.com/caselaws?id=244513 The Tribunal allowed the revenue's appeal, reinstating the penalty levied by the AO for furnishing inaccurate particulars of income concerning the disallowance of Transferable Development Rights (TDR) purchase expenses and land cost. The decision emphasized that making incorrect or erroneous claims for deductions, which are not allowable in the year under consideration, constitutes furnishing inaccurate particulars of income, warranting the imposition of penalties under section 271(1)(c) of the Income Tax Act. en-us Wed, 19 Feb 2014 00:00:00 +0530 Fri, 28 Feb 2014 06:57:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=244513 The Tribunal allowed the revenue's appeal, reinstating the penalty levied by the AO for furnishing inaccurate particulars of income concerning the disallowance of Transferable Development Rights (TDR) purchase expenses and land cost. The decision emphasized that making incorrect or erroneous claims for deductions, which are not allowable in the year under consideration, constitutes furnishing inaccurate particulars of income, warranting the imposition of penalties under section 271(1)(c) of the Income Tax Act. Case-Laws Income Tax Wed, 19 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=244513