https://www.taxtmi.com/caselaws?id=185541 The High Court dismissed the Tax Appeal challenging the cancellation of a penalty under Section 271(1)(c) of the Income-tax Act, 1961. The court held that the penalty was deleted by the CIT(A) and upheld by the Tribunal due to a mere difference in opinion on deductions, without any indication of dishonesty or concealment by the assessee. The court emphasized that the incorrect claim for expenditure did not amount to furnishing inaccurate particulars of income, and the details provided in the return were not found to be inaccurate or false, thus not warranting a penalty. en-us Tue, 22 Jan 2013 00:00:00 +0530 Thu, 08 Jun 2017 14:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185541 The High Court dismissed the Tax Appeal challenging the cancellation of a penalty under Section 271(1)(c) of the Income-tax Act, 1961. The court held that the penalty was deleted by the CIT(A) and upheld by the Tribunal due to a mere difference in opinion on deductions, without any indication of dishonesty or concealment by the assessee. The court emphasized that the incorrect claim for expenditure did not amount to furnishing inaccurate particulars of income, and the details provided in the return were not found to be inaccurate or false, thus not warranting a penalty. Case-Laws Income Tax Tue, 22 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185541