https://www.taxtmi.com/caselaws?id=412002 A revised return that treated mutual fund interest as exempt, despite the same income having been offered to tax in the original return, was held to contain inaccurate particulars because no valid basis for exemption was shown. Penalty under section 271(1)(c) was therefore sustained. The challenge to the penalty notice also failed because the objection was not raised at the proper stage and no prejudice was demonstrated from the alleged failure to specify the exact charge. The assessee's appeal was accordingly unsuccessful. en-us Tue, 31 Aug 2021 00:00:00 +0530 Tue, 07 Sep 2021 14:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412002 A revised return that treated mutual fund interest as exempt, despite the same income having been offered to tax in the original return, was held to contain inaccurate particulars because no valid basis for exemption was shown. Penalty under section 271(1)(c) was therefore sustained. The challenge to the penalty notice also failed because the objection was not raised at the proper stage and no prejudice was demonstrated from the alleged failure to specify the exact charge. The assessee's appeal was accordingly unsuccessful. Case-Laws Income Tax Tue, 31 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412002