https://www.taxtmi.com/caselaws?id=331658 Penalty for concealment is not attracted merely because a claim is disallowed in assessment where the return fully discloses the relevant facts. The text explains that section 271(1)(c) applies only to concealment of income or furnishing of inaccurate particulars, and that a bona fide claim based on legal interpretation, RBI norms, debatable issues, or even wrong legal advice does not by itself establish penalty exposure. Where the dispute concerns the legal admissibility of the claim rather than false facts, disallowance on merits cannot automatically justify penalty. On those principles, the penalty was held unsustainable and liable to be deleted. en-us Fri, 12 Aug 2016 00:00:00 +0530 Tue, 30 Aug 2016 10:59:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331658 Penalty for concealment is not attracted merely because a claim is disallowed in assessment where the return fully discloses the relevant facts. The text explains that section 271(1)(c) applies only to concealment of income or furnishing of inaccurate particulars, and that a bona fide claim based on legal interpretation, RBI norms, debatable issues, or even wrong legal advice does not by itself establish penalty exposure. Where the dispute concerns the legal admissibility of the claim rather than false facts, disallowance on merits cannot automatically justify penalty. On those principles, the penalty was held unsustainable and liable to be deleted. Case-Laws Income Tax Fri, 12 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331658