https://www.taxtmi.com/caselaws?id=392703 The High Court upheld the deletion of a penalty under Section 271(1)(c) of the Income Tax Act, 1961, in an appeal involving a company and its Director. The penalty, imposed by the Assessing Officer but deleted by the 1st Appellate Authority and Tribunal, was found unjustified as the change in accounting method leading to disallowance of expenses did not constitute concealment or furnishing inaccurate particulars of income. The Court emphasized the need for specific inaccuracies in the return and ruled that mere unsustainable expense claims do not warrant a penalty under Section 271(1)(c), ultimately dismissing the revenue's appeal. en-us Mon, 10 Feb 2020 00:00:00 +0530 Wed, 26 Feb 2020 12:01:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392703 The High Court upheld the deletion of a penalty under Section 271(1)(c) of the Income Tax Act, 1961, in an appeal involving a company and its Director. The penalty, imposed by the Assessing Officer but deleted by the 1st Appellate Authority and Tribunal, was found unjustified as the change in accounting method leading to disallowance of expenses did not constitute concealment or furnishing inaccurate particulars of income. The Court emphasized the need for specific inaccuracies in the return and ruled that mere unsustainable expense claims do not warrant a penalty under Section 271(1)(c), ultimately dismissing the revenue's appeal. Case-Laws Income Tax Mon, 10 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392703