https://www.taxtmi.com/caselaws?id=187389 The appeals against penalties imposed under section 271(1)(c) for assessment years 2001-2002 and 2002-2003 were allowed. The penalties were overturned by the ITAT as the claims made by the assessee, although not sustainable in law, were not found to be incorrect or false. The ITAT relied on the decision in CIT v. Reliance Petro Products Pvt. Ltd. to emphasize that making unsustainable claims does not automatically attract penalties. en-us Tue, 06 Apr 2010 00:00:00 +0530 Thu, 20 Oct 2016 12:27:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=187389 The appeals against penalties imposed under section 271(1)(c) for assessment years 2001-2002 and 2002-2003 were allowed. The penalties were overturned by the ITAT as the claims made by the assessee, although not sustainable in law, were not found to be incorrect or false. The ITAT relied on the decision in CIT v. Reliance Petro Products Pvt. Ltd. to emphasize that making unsustainable claims does not automatically attract penalties. Case-Laws Income Tax Tue, 06 Apr 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=187389