https://www.taxtmi.com/caselaws?id=375013 The Tribunal upheld the decision of the Ld.CIT(A) in deleting the penalty under section 271(1)(c) imposed by the Assessing Officer. The Tribunal found that the assessee's explanation for discrepancies in depreciation claim and foreign exchange fluctuation loss was reasonable and not deliberate inaccuracies. Relying on the principle established in Reliance Petro Products Ltd., the Tribunal concluded that mere disallowance of claims does not warrant a penalty under section 271(1)(c) for furnishing inaccurate particulars of income. en-us Fri, 08 Feb 2019 00:00:00 +0530 Wed, 13 Feb 2019 06:09:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375013 The Tribunal upheld the decision of the Ld.CIT(A) in deleting the penalty under section 271(1)(c) imposed by the Assessing Officer. The Tribunal found that the assessee's explanation for discrepancies in depreciation claim and foreign exchange fluctuation loss was reasonable and not deliberate inaccuracies. Relying on the principle established in Reliance Petro Products Ltd., the Tribunal concluded that mere disallowance of claims does not warrant a penalty under section 271(1)(c) for furnishing inaccurate particulars of income. Case-Laws Income Tax Fri, 08 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375013