https://www.taxtmi.com/caselaws?id=253799 The High Court upheld the deletion of penalties under section 271(1)(c) of the Income Tax Act for the appellant. It was found that there was no concealment of income as the assessee had disclosed all material facts, and the penalties were deleted based on the lack of detailed reasons for concluding concealment. The Tribunal's decision was supported by the Commissioner (Appeals), emphasizing that incorrect claims do not necessarily constitute furnishing inaccurate particulars. As no substantial question of law arose, the appeals were dismissed summarily. en-us Tue, 23 Sep 2014 00:00:00 +0530 Wed, 03 Dec 2014 18:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=253799 The High Court upheld the deletion of penalties under section 271(1)(c) of the Income Tax Act for the appellant. It was found that there was no concealment of income as the assessee had disclosed all material facts, and the penalties were deleted based on the lack of detailed reasons for concluding concealment. The Tribunal's decision was supported by the Commissioner (Appeals), emphasizing that incorrect claims do not necessarily constitute furnishing inaccurate particulars. As no substantial question of law arose, the appeals were dismissed summarily. Case-Laws Income Tax Tue, 23 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=253799