https://www.taxtmi.com/caselaws?id=270159 Penalty for furnishing inaccurate particulars is not attracted merely because disclosed claims are disallowed. Depreciation, loss on sale of current assets, bad-debt write-offs, investment write-offs and irrecoverable project expenses were claimed with particulars disclosed in the return, audit report and notes to accounts. Applying the principle that an unsustainable or incorrect claim alone does not constitute furnishing inaccurate particulars, the Tribunal treated the claims as debatable rather than concealed or falsely reported. The penalty under section 271(1)(c) was therefore deleted and the Revenue's appeal was dismissed. en-us Wed, 16 Sep 2015 00:00:00 +0530 Tue, 29 Dec 2015 20:39:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270159 Penalty for furnishing inaccurate particulars is not attracted merely because disclosed claims are disallowed. Depreciation, loss on sale of current assets, bad-debt write-offs, investment write-offs and irrecoverable project expenses were claimed with particulars disclosed in the return, audit report and notes to accounts. Applying the principle that an unsustainable or incorrect claim alone does not constitute furnishing inaccurate particulars, the Tribunal treated the claims as debatable rather than concealed or falsely reported. The penalty under section 271(1)(c) was therefore deleted and the Revenue's appeal was dismissed. Case-Laws Income Tax Wed, 16 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270159