https://www.taxtmi.com/caselaws?id=192691 Penalty under Section 271(1)(c) of the Income-tax Act, 1961 is not sustainable merely because an assessee's claim is rejected in assessment. Penalty proceedings are distinct from quantum proceedings, and the Revenue must still establish concealment of income or furnishing of inaccurate particulars. Here, the dispute concerned only the head under which sale proceeds were taxable, and the facts did not show any concealment or inaccurate particulars. Where two views are possible on the tax treatment of a receipt, penalty is not justified. The Court therefore held that penalty under Section 271(1)(c) was not leviable. en-us Mon, 25 Mar 2013 00:00:00 +0530 Tue, 13 Jun 2017 12:03:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192691 Penalty under Section 271(1)(c) of the Income-tax Act, 1961 is not sustainable merely because an assessee's claim is rejected in assessment. Penalty proceedings are distinct from quantum proceedings, and the Revenue must still establish concealment of income or furnishing of inaccurate particulars. Here, the dispute concerned only the head under which sale proceeds were taxable, and the facts did not show any concealment or inaccurate particulars. Where two views are possible on the tax treatment of a receipt, penalty is not justified. The Court therefore held that penalty under Section 271(1)(c) was not leviable. Case-Laws Income Tax Mon, 25 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192691