https://www.taxtmi.com/caselaws?id=380717 The Tribunal ruled in favor of the assessee, deleting the penalty imposed under section 271(1)(c) of the Income Tax Act for the assessment year 2008-09. The penalty did not survive on the disallowed amount under section 40(a)(ia), and regarding the short term capital gain addition, the Tribunal held that making an unsustainable claim does not amount to furnishing inaccurate particulars. Relying on relevant case law, including CIT vs. Reliance Petroproducts Pvt. Ltd., the Tribunal concluded that an incorrect claim in law does not constitute inaccurate particulars, leading to the deletion of the penalty. en-us Fri, 24 May 2019 00:00:00 +0530 Mon, 27 May 2019 07:25:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380717 The Tribunal ruled in favor of the assessee, deleting the penalty imposed under section 271(1)(c) of the Income Tax Act for the assessment year 2008-09. The penalty did not survive on the disallowed amount under section 40(a)(ia), and regarding the short term capital gain addition, the Tribunal held that making an unsustainable claim does not amount to furnishing inaccurate particulars. Relying on relevant case law, including CIT vs. Reliance Petroproducts Pvt. Ltd., the Tribunal concluded that an incorrect claim in law does not constitute inaccurate particulars, leading to the deletion of the penalty. Case-Laws Income Tax Fri, 24 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380717