https://www.taxtmi.com/caselaws?id=278356 The ITAT ruled in favor of the assessee, overturning the penalty imposed under section 271(1)(c) of the Income Tax Act for furnishing inaccurate particulars of income. The ITAT emphasized that the mere disallowance of a claim does not imply concealment of income, highlighting the importance of considering the assessee's explanations in penalty proceedings. Citing the Supreme Court's decision in Reliance Petro Products P. Ltd., the ITAT found the assessee's explanation reasonable and reversed the FAA's order. Subsequently, in another assessment year, the ITAT followed the same reasoning, allowing the appeals filed by the assessee and emphasizing the need for a plausible explanation in penalty proceedings. en-us Fri, 21 Aug 2015 00:00:00 +0530 Tue, 29 Jan 2019 07:11:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278356 The ITAT ruled in favor of the assessee, overturning the penalty imposed under section 271(1)(c) of the Income Tax Act for furnishing inaccurate particulars of income. The ITAT emphasized that the mere disallowance of a claim does not imply concealment of income, highlighting the importance of considering the assessee's explanations in penalty proceedings. Citing the Supreme Court's decision in Reliance Petro Products P. Ltd., the ITAT found the assessee's explanation reasonable and reversed the FAA's order. Subsequently, in another assessment year, the ITAT followed the same reasoning, allowing the appeals filed by the assessee and emphasizing the need for a plausible explanation in penalty proceedings. Case-Laws Income Tax Fri, 21 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278356