https://www.taxtmi.com/caselaws?id=353996 The Tribunal dismissed the revenue's appeal and upheld the decision of the CIT(A) to delete the penalty imposed under section 271(1)(c) of the Income Tax Act. It was determined that the assessee had provided all necessary details in the return filed by the Hindu Undivided Family (HUF), and there was no concealment of income. The Tribunal emphasized that even an incorrect claim, if disallowed, does not constitute furnishing inaccurate particulars of income, referencing the judgment in CIT vs. Reliance Petro Products. en-us Fri, 12 Jan 2018 00:00:00 +0530 Tue, 16 Jan 2018 09:25:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353996 The Tribunal dismissed the revenue's appeal and upheld the decision of the CIT(A) to delete the penalty imposed under section 271(1)(c) of the Income Tax Act. It was determined that the assessee had provided all necessary details in the return filed by the Hindu Undivided Family (HUF), and there was no concealment of income. The Tribunal emphasized that even an incorrect claim, if disallowed, does not constitute furnishing inaccurate particulars of income, referencing the judgment in CIT vs. Reliance Petro Products. Case-Laws Income Tax Fri, 12 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353996