https://www.taxtmi.com/caselaws?id=13218 The High Court held that the assessee was not liable for penalty under section 271(1)(c) of the Income-tax Act for the assessment year 1996-97. The Court emphasized that the assessee had disclosed all relevant facts, even though the claim for deduction was found to be erroneous. The Tribunal's decision to delete the penalty was upheld as the third condition for penalty imposition was not satisfied. The Court clarified that mere disagreement with the assessee's claim does not warrant penalty provisions, and in this case, no further inquiry was deemed necessary. The appeal was dismissed as no substantial question of law required consideration. en-us Tue, 12 Sep 2006 00:00:00 +0530 Wed, 27 May 2009 13:09:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13218 The High Court held that the assessee was not liable for penalty under section 271(1)(c) of the Income-tax Act for the assessment year 1996-97. The Court emphasized that the assessee had disclosed all relevant facts, even though the claim for deduction was found to be erroneous. The Tribunal's decision to delete the penalty was upheld as the third condition for penalty imposition was not satisfied. The Court clarified that mere disagreement with the assessee's claim does not warrant penalty provisions, and in this case, no further inquiry was deemed necessary. The appeal was dismissed as no substantial question of law required consideration. Case-Laws Income Tax Tue, 12 Sep 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13218