https://www.taxtmi.com/caselaws?id=373635 A withdrawn tax claim does not by itself justify penalty under section 271(1)(c) of the Income-tax Act. Penalty is not automatic merely because an assessee surrenders a claim during assessment; the decisive question is whether the claim involved concealment of income or furnishing of inaccurate particulars. Where the appellate authorities find that the claim was made by bona fide mistake or oversight, rather than deliberate concealment, penalty is not warranted and is not exigible. en-us Wed, 09 Jan 2019 00:00:00 +0530 Wed, 14 May 2025 12:57:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373635 A withdrawn tax claim does not by itself justify penalty under section 271(1)(c) of the Income-tax Act. Penalty is not automatic merely because an assessee surrenders a claim during assessment; the decisive question is whether the claim involved concealment of income or furnishing of inaccurate particulars. Where the appellate authorities find that the claim was made by bona fide mistake or oversight, rather than deliberate concealment, penalty is not warranted and is not exigible. Case-Laws Income Tax Wed, 09 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373635