https://www.taxtmi.com/caselaws?id=379226 The appeal challenged the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 for disallowance of House Rent Allowance (HRA) deduction. The Accountant Member ruled in favor of the assessee, noting the genuine payment of rent without intent to reduce tax liability. Citing the Supreme Court precedent, it was held that incorrect claims do not equate to furnishing inaccurate particulars of income. Consequently, the penalty was deleted, emphasizing the importance of accurate information in tax returns and distinguishing between incorrect claims and inaccurate particulars. en-us Fri, 26 Apr 2019 00:00:00 +0530 Mon, 15 Jul 2019 16:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=379226 The appeal challenged the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 for disallowance of House Rent Allowance (HRA) deduction. The Accountant Member ruled in favor of the assessee, noting the genuine payment of rent without intent to reduce tax liability. Citing the Supreme Court precedent, it was held that incorrect claims do not equate to furnishing inaccurate particulars of income. Consequently, the penalty was deleted, emphasizing the importance of accurate information in tax returns and distinguishing between incorrect claims and inaccurate particulars. Case-Laws Income Tax Fri, 26 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=379226