https://www.taxtmi.com/caselaws?id=350005 Penalty under Section 271(1)(c) of the Income-tax Act could not be sustained where the notice did not clearly allege concealment or furnishing of inaccurate particulars and the assessee had disclosed the relevant facts during assessment. The rebate claim, though later withdrawn after notice and ultimately not allowable, was not shown to be false or made with concealment of income. A mere unsustainable claim does not meet the statutory requirement for penalty unless there is a specific finding of concealment or inaccuracy in the particulars furnished. The Madras HC therefore held the penalty unsustainable and quashed it in favour of the assessee. en-us Wed, 04 Oct 2017 00:00:00 +0530 Wed, 13 Dec 2017 11:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=350005 Penalty under Section 271(1)(c) of the Income-tax Act could not be sustained where the notice did not clearly allege concealment or furnishing of inaccurate particulars and the assessee had disclosed the relevant facts during assessment. The rebate claim, though later withdrawn after notice and ultimately not allowable, was not shown to be false or made with concealment of income. A mere unsustainable claim does not meet the statutory requirement for penalty unless there is a specific finding of concealment or inaccuracy in the particulars furnished. The Madras HC therefore held the penalty unsustainable and quashed it in favour of the assessee. Case-Laws Income Tax Wed, 04 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=350005