https://www.taxtmi.com/caselaws?id=425594 The Appellate Tribunal upheld the CIT (A)'s decision to delete a penalty imposed under section 271(1)(c) for inaccurate particulars of income. The Tribunal emphasized the importance of bonafide explanations and full disclosure of material facts, stating that the mere disallowance of a claim does not constitute furnishing inaccurate particulars of income. The Tribunal dismissed the Revenue's appeal, affirming that non-acceptance of the assessee's claim, particularly when based on accounting standards, does not warrant a penalty under section 271(1)(c). en-us Wed, 20 Jul 2022 00:00:00 +0530 Wed, 27 Jul 2022 08:41:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425594 The Appellate Tribunal upheld the CIT (A)'s decision to delete a penalty imposed under section 271(1)(c) for inaccurate particulars of income. The Tribunal emphasized the importance of bonafide explanations and full disclosure of material facts, stating that the mere disallowance of a claim does not constitute furnishing inaccurate particulars of income. The Tribunal dismissed the Revenue's appeal, affirming that non-acceptance of the assessee's claim, particularly when based on accounting standards, does not warrant a penalty under section 271(1)(c). Case-Laws Income Tax Wed, 20 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425594