https://www.taxtmi.com/caselaws?id=408360 The appellate tribunal overturned the penalty imposed under section 271(1)(c) on the assessee for furnishing inaccurate particulars of income. The tribunal held that the disallowed expenses, related to property acquisition, did not signify deliberate concealment or inaccurate particulars. Relying on legal precedents, the tribunal concluded that the mere denial of a claim does not establish culpability. As the assessee's conduct was not contumacious, the penalty was deleted, emphasizing that the disallowed expenses did not render the claim as ex-facie bogus. en-us Tue, 01 Jun 2021 00:00:00 +0530 Tue, 08 Jun 2021 09:10:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408360 The appellate tribunal overturned the penalty imposed under section 271(1)(c) on the assessee for furnishing inaccurate particulars of income. The tribunal held that the disallowed expenses, related to property acquisition, did not signify deliberate concealment or inaccurate particulars. Relying on legal precedents, the tribunal concluded that the mere denial of a claim does not establish culpability. As the assessee's conduct was not contumacious, the penalty was deleted, emphasizing that the disallowed expenses did not render the claim as ex-facie bogus. Case-Laws Income Tax Tue, 01 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408360