https://www.taxtmi.com/caselaws?id=249211 The ITAT upheld the CIT(A) order canceling a penalty under section 271(1)(c) of the Income Tax Act. It ruled that non-acceptance of the assessee's claim for expenses related to exempt income did not amount to concealment or furnishing inaccurate particulars of income. The ITAT emphasized that mere incorrect claims do not warrant penalties under section 271(1)(c), citing the Supreme Court's decision in CIT Vs Reliance Petro Products Pvt. Ltd. Consequently, the department's appeal was dismissed, affirming the deletion of the penalty by the CIT(A). en-us Wed, 25 Jun 2014 00:00:00 +0530 Tue, 08 Jul 2014 08:36:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249211 The ITAT upheld the CIT(A) order canceling a penalty under section 271(1)(c) of the Income Tax Act. It ruled that non-acceptance of the assessee's claim for expenses related to exempt income did not amount to concealment or furnishing inaccurate particulars of income. The ITAT emphasized that mere incorrect claims do not warrant penalties under section 271(1)(c), citing the Supreme Court's decision in CIT Vs Reliance Petro Products Pvt. Ltd. Consequently, the department's appeal was dismissed, affirming the deletion of the penalty by the CIT(A). Case-Laws Income Tax Wed, 25 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249211