https://www.taxtmi.com/caselaws?id=185048 Penalty under section 271(1)(c) was held unsustainable where the assessee disclosed all primary facts, filed a revised return with an explanatory note, and made a bona fide legal claim based on advance rulings and treaty interpretation. The income from securities was fully disclosed, and the assessment turned only on a different view of the same facts. As no concealment or furnishing of inaccurate particulars was shown, rejection of the claim alone did not justify penalty. The deletion of penalty was therefore upheld in favour of the assessee. en-us Thu, 30 Sep 2010 00:00:00 +0530 Thu, 28 Jul 2016 18:36:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185048 Penalty under section 271(1)(c) was held unsustainable where the assessee disclosed all primary facts, filed a revised return with an explanatory note, and made a bona fide legal claim based on advance rulings and treaty interpretation. The income from securities was fully disclosed, and the assessment turned only on a different view of the same facts. As no concealment or furnishing of inaccurate particulars was shown, rejection of the claim alone did not justify penalty. The deletion of penalty was therefore upheld in favour of the assessee. Case-Laws Income Tax Thu, 30 Sep 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185048