https://www.taxtmi.com/caselaws?id=426213 The Tribunal allowed the appeal filed by the Co-operative Bank, setting aside the penalty levied under section 271(1)(c) of the Income Tax Act for the assessment year 2008-09. The Tribunal emphasized that an incorrect claim does not constitute furnishing inaccurate particulars of income, requiring contumacious conduct for penalty imposition. Therefore, based on legal precedents, the Tribunal concluded that the appellant's incorrect claim did not warrant the penalty, leading to the deletion of the penalty imposed. en-us Wed, 03 Aug 2022 00:00:00 +0530 Wed, 10 Aug 2022 09:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426213 The Tribunal allowed the appeal filed by the Co-operative Bank, setting aside the penalty levied under section 271(1)(c) of the Income Tax Act for the assessment year 2008-09. The Tribunal emphasized that an incorrect claim does not constitute furnishing inaccurate particulars of income, requiring contumacious conduct for penalty imposition. Therefore, based on legal precedents, the Tribunal concluded that the appellant's incorrect claim did not warrant the penalty, leading to the deletion of the penalty imposed. Case-Laws Income Tax Wed, 03 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426213