https://www.taxtmi.com/caselaws?id=247149 The Tribunal held that the penalty under Section 271(1)(c) of the Income Tax Act was not imposable as the assessee had taken a bona fide view, and there was no furnishing of inaccurate particulars of income. The appeals were allowed, and the penalties imposed by the Assessing Officer were set aside. The Tribunal emphasized that merely making a claim not substantiated in law does not amount to furnishing inaccurate particulars, as established in a Supreme Court case. en-us Tue, 31 Dec 2013 00:00:00 +0530 Mon, 03 Mar 2014 12:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247149 The Tribunal held that the penalty under Section 271(1)(c) of the Income Tax Act was not imposable as the assessee had taken a bona fide view, and there was no furnishing of inaccurate particulars of income. The appeals were allowed, and the penalties imposed by the Assessing Officer were set aside. The Tribunal emphasized that merely making a claim not substantiated in law does not amount to furnishing inaccurate particulars, as established in a Supreme Court case. Case-Laws Income Tax Tue, 31 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247149