https://www.taxtmi.com/caselaws?id=408565 The Tribunal revoked the penalty imposed under Section 271(1)(c) of the Income Tax Act on the assessee for incorrect claims made in the return of income. It was held that a wrong claim for deduction, without concealment or furnishing inaccurate particulars of income, does not attract the penalty. The Tribunal emphasized the need for specific charges related to concealment or inaccurate particulars and cited relevant case law to support its decision. As the authorities failed to establish concealment or furnishing of inaccurate particulars, the penalty was deemed inappropriate, and the order to impose the penalty was set aside. en-us Mon, 14 Jun 2021 00:00:00 +0530 Tue, 15 Jun 2021 07:50:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408565 The Tribunal revoked the penalty imposed under Section 271(1)(c) of the Income Tax Act on the assessee for incorrect claims made in the return of income. It was held that a wrong claim for deduction, without concealment or furnishing inaccurate particulars of income, does not attract the penalty. The Tribunal emphasized the need for specific charges related to concealment or inaccurate particulars and cited relevant case law to support its decision. As the authorities failed to establish concealment or furnishing of inaccurate particulars, the penalty was deemed inappropriate, and the order to impose the penalty was set aside. Case-Laws Income Tax Mon, 14 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408565