https://www.taxtmi.com/caselaws?id=361868 The ITAT set aside the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961, as the incorrect claims made by the assessee did not amount to furnishing inaccurate particulars of income. The ITAT relied on the Supreme Court decision in CIT v. Reliance Petroproducts, emphasizing that the penalty could not be justified since no inaccurate information was found in the return. Consequently, the ITAT directed the Assessing Officer to delete the penalty, allowing the appeal of the assessee. en-us Wed, 13 Jun 2018 00:00:00 +0530 Fri, 15 Jun 2018 10:56:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=361868 The ITAT set aside the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961, as the incorrect claims made by the assessee did not amount to furnishing inaccurate particulars of income. The ITAT relied on the Supreme Court decision in CIT v. Reliance Petroproducts, emphasizing that the penalty could not be justified since no inaccurate information was found in the return. Consequently, the ITAT directed the Assessing Officer to delete the penalty, allowing the appeal of the assessee. Case-Laws Income Tax Wed, 13 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=361868