https://www.taxtmi.com/caselaws?id=380873 Penalty for concealment or furnishing inaccurate particulars under section 271(1)(c) was held unsustainable where the assessee had fully disclosed the receipts in the return and financial statements, and the taxability of those receipts, including the existence of a permanent establishment, remained debatable. The assessment order also did not record a clear satisfaction that income had been concealed or that inaccurate particulars had been furnished, and the penalty order identified no specific inaccurate particulars. On those facts, Explanation 1 to section 271(1)(c) was held inapplicable, reaffirming that penalty is not automatic and a disallowed claim does not by itself establish concealment. The penalty deletion was upheld. en-us Tue, 28 May 2019 00:00:00 +0530 Thu, 30 May 2019 09:58:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380873 Penalty for concealment or furnishing inaccurate particulars under section 271(1)(c) was held unsustainable where the assessee had fully disclosed the receipts in the return and financial statements, and the taxability of those receipts, including the existence of a permanent establishment, remained debatable. The assessment order also did not record a clear satisfaction that income had been concealed or that inaccurate particulars had been furnished, and the penalty order identified no specific inaccurate particulars. On those facts, Explanation 1 to section 271(1)(c) was held inapplicable, reaffirming that penalty is not automatic and a disallowed claim does not by itself establish concealment. The penalty deletion was upheld. Case-Laws Income Tax Tue, 28 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380873