https://www.taxtmi.com/caselaws?id=179843 The Appellate Tribunal upheld the CIT(A)'s decision to delete the penalty under Section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found that the disallowances were based on estimates and not proven as concealment of income. It was emphasized that making an incorrect claim does not constitute furnishing inaccurate particulars, aligning with the Supreme Court's decision in Reliance Petroproducts Pvt. Ltd. Therefore, the Revenue's appeal against the deletion of the penalty was dismissed. en-us Fri, 22 Jul 2011 00:00:00 +0530 Thu, 10 Mar 2016 15:42:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179843 The Appellate Tribunal upheld the CIT(A)'s decision to delete the penalty under Section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found that the disallowances were based on estimates and not proven as concealment of income. It was emphasized that making an incorrect claim does not constitute furnishing inaccurate particulars, aligning with the Supreme Court's decision in Reliance Petroproducts Pvt. Ltd. Therefore, the Revenue's appeal against the deletion of the penalty was dismissed. Case-Laws Income Tax Fri, 22 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179843