https://www.taxtmi.com/caselaws?id=296316 Penalty under section 271(1)(c) was held not leviable where the assessee had disclosed all material facts in the return of income and the interest claim arose from a bona fide dispute on deductibility. The withdrawals were reflected in the partner's capital account, and the record showed no concealment of income or furnishing of inaccurate particulars. The disallowance was treated as an assessment issue rather than evidence of deliberate default, so the penalty was cancelled in favour of the assessee. en-us Fri, 20 May 2011 00:00:00 +0530 Wed, 14 Jul 2021 15:32:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=296316 Penalty under section 271(1)(c) was held not leviable where the assessee had disclosed all material facts in the return of income and the interest claim arose from a bona fide dispute on deductibility. The withdrawals were reflected in the partner's capital account, and the record showed no concealment of income or furnishing of inaccurate particulars. The disallowance was treated as an assessment issue rather than evidence of deliberate default, so the penalty was cancelled in favour of the assessee. Case-Laws Income Tax Fri, 20 May 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=296316