https://www.taxtmi.com/caselaws?id=253536 The High Court upheld the decision of the lower authorities, ruling in favor of the respondent-assessee. It found that the assessee's claim regarding the waiver of sales tax deferral loan as a capital receipt was bonafide and supported by detailed notes and legal analysis. The court determined that the disclosure of particulars in the form of notes did not amount to furnishing inaccurate particulars of income, as the issue was debatable and the assessee had not concealed any details. Therefore, the court dismissed the appeal, concluding that the imposition of penalty under Section 271(1)(c) was unwarranted. en-us Mon, 24 Nov 2014 00:00:00 +0530 Wed, 26 Nov 2014 12:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=253536 The High Court upheld the decision of the lower authorities, ruling in favor of the respondent-assessee. It found that the assessee's claim regarding the waiver of sales tax deferral loan as a capital receipt was bonafide and supported by detailed notes and legal analysis. The court determined that the disclosure of particulars in the form of notes did not amount to furnishing inaccurate particulars of income, as the issue was debatable and the assessee had not concealed any details. Therefore, the court dismissed the appeal, concluding that the imposition of penalty under Section 271(1)(c) was unwarranted. Case-Laws Income Tax Mon, 24 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=253536