https://www.taxtmi.com/caselaws?id=354624 Penalty under section 271(1)(c) was not sustainable where the assessee disclosed the reduction claim from book profit in the return, computation, audit report and accounts, and the revenue failed to show that any particulars furnished were false or incorrect. A mere unsustainable claim, without proof of concealment or inaccurate particulars, did not justify penalty. The penalty proceedings were also vitiated because the section 274 notice in standard form did not specify whether the charge was concealment of income or furnishing of inaccurate particulars. As the two limbs are distinct and the assessee was not clearly informed of the exact allegation, the notice offended natural justice and the penalty could not survive. en-us Fri, 17 Nov 2017 00:00:00 +0530 Thu, 01 Feb 2018 06:44:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=354624 Penalty under section 271(1)(c) was not sustainable where the assessee disclosed the reduction claim from book profit in the return, computation, audit report and accounts, and the revenue failed to show that any particulars furnished were false or incorrect. A mere unsustainable claim, without proof of concealment or inaccurate particulars, did not justify penalty. The penalty proceedings were also vitiated because the section 274 notice in standard form did not specify whether the charge was concealment of income or furnishing of inaccurate particulars. As the two limbs are distinct and the assessee was not clearly informed of the exact allegation, the notice offended natural justice and the penalty could not survive. Case-Laws Income Tax Fri, 17 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=354624