https://www.taxtmi.com/caselaws?id=336444 Penalty under the Income-tax Act for concealment or furnishing inaccurate particulars cannot be sustained where the assessee disclosed the relevant claims and supporting particulars, and no falsehood, inaccuracy, or lack of bona fides was found. A mere disallowance of an expenditure claim in assessment does not, by itself, establish concealment or attract penalty. On the disclosed record, the penalty basis failed because the Revenue did not show that the explanation was false or that material particulars had been withheld. en-us Mon, 19 Dec 2016 00:00:00 +0530 Wed, 21 Dec 2016 11:54:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=336444 Penalty under the Income-tax Act for concealment or furnishing inaccurate particulars cannot be sustained where the assessee disclosed the relevant claims and supporting particulars, and no falsehood, inaccuracy, or lack of bona fides was found. A mere disallowance of an expenditure claim in assessment does not, by itself, establish concealment or attract penalty. On the disclosed record, the penalty basis failed because the Revenue did not show that the explanation was false or that material particulars had been withheld. Case-Laws Income Tax Mon, 19 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=336444