https://www.taxtmi.com/caselaws?id=183660 The appeal under section 260A of the Income-tax Act challenging the cancellation of penalty under section 271(1)(c) imposed by the Assessing Officer and confirmed by the CIT(A) was dismissed. The Tribunal held that there was no concealment of income or filing of inaccurate particulars but rather a bona fide difference of opinion regarding deductions claimed by the assessee. The court emphasized that making an incorrect claim in law does not attract the penalty under section 271(1)(c) if all material facts were disclosed. en-us Tue, 22 Jan 2013 00:00:00 +0530 Fri, 17 Jun 2016 11:39:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183660 The appeal under section 260A of the Income-tax Act challenging the cancellation of penalty under section 271(1)(c) imposed by the Assessing Officer and confirmed by the CIT(A) was dismissed. The Tribunal held that there was no concealment of income or filing of inaccurate particulars but rather a bona fide difference of opinion regarding deductions claimed by the assessee. The court emphasized that making an incorrect claim in law does not attract the penalty under section 271(1)(c) if all material facts were disclosed. Case-Laws Income Tax Tue, 22 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183660