https://www.taxtmi.com/caselaws?id=180714 The Tribunal upheld the Ld CIT(A)'s decision to cancel the penalty under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal emphasized that the mere disallowance of claims does not warrant penalties unless there is evidence of inaccurate particulars or fraudulent intent. The case highlighted that making unsustainable claims does not constitute furnishing inaccurate particulars of income, as per the Supreme Court's interpretation in CIT vs. Reliance Petroproducts P. Ltd. The Tribunal dismissed the revenue's appeal, affirming the Ld CIT(A)'s ruling. en-us Thu, 30 Jun 2011 00:00:00 +0530 Thu, 31 Mar 2016 18:14:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180714 The Tribunal upheld the Ld CIT(A)'s decision to cancel the penalty under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal emphasized that the mere disallowance of claims does not warrant penalties unless there is evidence of inaccurate particulars or fraudulent intent. The case highlighted that making unsustainable claims does not constitute furnishing inaccurate particulars of income, as per the Supreme Court's interpretation in CIT vs. Reliance Petroproducts P. Ltd. The Tribunal dismissed the revenue's appeal, affirming the Ld CIT(A)'s ruling. Case-Laws Income Tax Thu, 30 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180714