https://www.taxtmi.com/caselaws?id=379365 The Tribunal held that the penalty order under section 271(1)(c) of the Income-tax Act was unjustified as there was no evidence of concealment or furnishing inaccurate particulars of income. The appellant's claims for deductions were made in good faith, and the disallowance of certain deductions did not warrant a penalty. The Tribunal emphasized that incorrect claims in law do not amount to furnishing inaccurate particulars. Consequently, the penalty for the assessment years 2005-06, 2006-07, and 2007-08 was deleted, and the appeals filed by the appellant were allowed. en-us Thu, 04 Apr 2019 00:00:00 +0530 Wed, 01 May 2019 17:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=379365 The Tribunal held that the penalty order under section 271(1)(c) of the Income-tax Act was unjustified as there was no evidence of concealment or furnishing inaccurate particulars of income. The appellant's claims for deductions were made in good faith, and the disallowance of certain deductions did not warrant a penalty. The Tribunal emphasized that incorrect claims in law do not amount to furnishing inaccurate particulars. Consequently, the penalty for the assessment years 2005-06, 2006-07, and 2007-08 was deleted, and the appeals filed by the appellant were allowed. Case-Laws Income Tax Thu, 04 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=379365