https://www.taxtmi.com/caselaws?id=396575 Penalty under section 271(1)(c) is not justified where an assessee withdraws a deduction claim in a return filed after notice under section 148, but the record still lacks clinching material to show that the original claim was false or that the contribution was not genuine. An explanation that is merely unproved, and not disproved by surrounding material, may still be treated as bona fide. The governing point is that concealment or furnishing inaccurate particulars requires positive evidence of falsity, not only suspicion arising from an investigation report. en-us Tue, 09 Jun 2020 00:00:00 +0530 Fri, 08 Nov 2024 11:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396575 Penalty under section 271(1)(c) is not justified where an assessee withdraws a deduction claim in a return filed after notice under section 148, but the record still lacks clinching material to show that the original claim was false or that the contribution was not genuine. An explanation that is merely unproved, and not disproved by surrounding material, may still be treated as bona fide. The governing point is that concealment or furnishing inaccurate particulars requires positive evidence of falsity, not only suspicion arising from an investigation report. Case-Laws Income Tax Tue, 09 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396575