https://www.taxtmi.com/caselaws?id=428424 Penalty under section 271(1)(c) requires proof of concealment of income or furnishing of inaccurate particulars, and a merely unsustainable claim in law is not enough. A deduction claim under section 35E based on disclosed mining lease rights and prospecting material was held to rest on the absence of satisfaction of statutory conditions, not on false particulars. A depreciation claim arising from a sale and lease-back transaction, supported by invoices and agreements, also could not be treated as concealment merely because it failed in quantum assessment. On the disclosed facts, the claims were bona fide and penalty was not leviable. en-us Wed, 28 Sep 2022 00:00:00 +0530 Thu, 29 Sep 2022 13:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428424 Penalty under section 271(1)(c) requires proof of concealment of income or furnishing of inaccurate particulars, and a merely unsustainable claim in law is not enough. A deduction claim under section 35E based on disclosed mining lease rights and prospecting material was held to rest on the absence of satisfaction of statutory conditions, not on false particulars. A depreciation claim arising from a sale and lease-back transaction, supported by invoices and agreements, also could not be treated as concealment merely because it failed in quantum assessment. On the disclosed facts, the claims were bona fide and penalty was not leviable. Case-Laws Income Tax Wed, 28 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428424