https://www.taxtmi.com/caselaws?id=395930 The Court allowed the appeal in a tax penalty case, setting aside a penalty order imposed under Section 271(1)(c) of the Income Tax Act. The Court held that the appellant did not furnish inaccurate particulars of income as the claim was based on disclosed facts, even though it was found inadmissible. The Court emphasized that a mere disallowance of a bona fide claim does not constitute furnishing inaccurate particulars. The penalty proceedings were initiated for furnishing inaccurate particulars, not for concealment of income, and the defective notice issued did not invalidate the penalty proceedings. The appeal was allowed with no costs. en-us Fri, 12 Jun 2020 00:00:00 +0530 Fri, 18 Sep 2020 12:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395930 The Court allowed the appeal in a tax penalty case, setting aside a penalty order imposed under Section 271(1)(c) of the Income Tax Act. The Court held that the appellant did not furnish inaccurate particulars of income as the claim was based on disclosed facts, even though it was found inadmissible. The Court emphasized that a mere disallowance of a bona fide claim does not constitute furnishing inaccurate particulars. The penalty proceedings were initiated for furnishing inaccurate particulars, not for concealment of income, and the defective notice issued did not invalidate the penalty proceedings. The appeal was allowed with no costs. Case-Laws Income Tax Fri, 12 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395930