https://www.taxtmi.com/caselaws?id=279341 Penalty under section 271(1)(c) was held unsustainable where the assessee had disclosed all material particulars and the dispute related only to the correct extent of deduction under section 80IC. The claim for higher deduction on the basis of substantial expansion was supported by the audit report, past allowance of deduction, and a view favourable to the assessee in similar proceedings, showing that the issue was debatable and turned on interpretation of law. Mere disallowance of the deduction did not amount to concealment or furnishing of inaccurate particulars because no false or erroneous particulars in the return were identified. The penalty was therefore cancelled. en-us Thu, 08 Oct 2015 00:00:00 +0530 Thu, 14 Mar 2019 07:43:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279341 Penalty under section 271(1)(c) was held unsustainable where the assessee had disclosed all material particulars and the dispute related only to the correct extent of deduction under section 80IC. The claim for higher deduction on the basis of substantial expansion was supported by the audit report, past allowance of deduction, and a view favourable to the assessee in similar proceedings, showing that the issue was debatable and turned on interpretation of law. Mere disallowance of the deduction did not amount to concealment or furnishing of inaccurate particulars because no false or erroneous particulars in the return were identified. The penalty was therefore cancelled. Case-Laws Income Tax Thu, 08 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279341