https://www.taxtmi.com/caselaws?id=353401 The ITAT set aside the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961 on the assessee for assessment year 2009-10. The penalty was related to the disallowance of certain expenses claimed by the assessee in the computation of total income. The ITAT ruled in favor of the assessee, stating that the mere making of an unsustainable claim does not constitute furnishing inaccurate particulars of income. The decision was based on the principle established by the Supreme Court in CIT v. Reliance Petroproducts (P.) Ltd., emphasizing the requirement of concealment of income particulars for the penalty provision to apply. en-us Wed, 27 Dec 2017 00:00:00 +0530 Wed, 03 Jan 2018 08:13:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353401 The ITAT set aside the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961 on the assessee for assessment year 2009-10. The penalty was related to the disallowance of certain expenses claimed by the assessee in the computation of total income. The ITAT ruled in favor of the assessee, stating that the mere making of an unsustainable claim does not constitute furnishing inaccurate particulars of income. The decision was based on the principle established by the Supreme Court in CIT v. Reliance Petroproducts (P.) Ltd., emphasizing the requirement of concealment of income particulars for the penalty provision to apply. Case-Laws Income Tax Wed, 27 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353401