https://www.taxtmi.com/caselaws?id=258752 A disallowed claim for deduction under section 80-IB(7A) does not, by itself, justify penalty under section 271(1)(c) where the assessee disclosed the relevant facts and supported the claim with audit material. Penalty is distinct from assessment and is attracted only on proof of concealment of income or furnishing of inaccurate particulars. A claim that is legally unsustainable, but not shown to be bogus or false, does not automatically amount to concealment. The analysis also reflects the relevance of consistency where penalty was earlier cancelled in similar circumstances. On these facts, the penalty was held not to be justified. en-us Thu, 16 Apr 2015 00:00:00 +0530 Sat, 07 Nov 2015 15:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=258752 A disallowed claim for deduction under section 80-IB(7A) does not, by itself, justify penalty under section 271(1)(c) where the assessee disclosed the relevant facts and supported the claim with audit material. Penalty is distinct from assessment and is attracted only on proof of concealment of income or furnishing of inaccurate particulars. A claim that is legally unsustainable, but not shown to be bogus or false, does not automatically amount to concealment. The analysis also reflects the relevance of consistency where penalty was earlier cancelled in similar circumstances. On these facts, the penalty was held not to be justified. Case-Laws Income Tax Thu, 16 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=258752