https://www.taxtmi.com/caselaws?id=428788 Penalty under section 271(1)(c) was held not leviable where the assessee's embezzlement-loss claim had only been partly disallowed in quantum proceedings. For assessment year 1991-92, the record did not conclusively show actual receipt of the alleged repayment, and for 1999-2000 the assessee conceded only a small portion while maintaining that the remaining claim was supported by bank records. As the Revenue did not establish that the claims were false or wholly untenable, concealment or furnishing of inaccurate particulars was not made out, and the penalty was deleted for both years. en-us Fri, 07 Oct 2022 00:00:00 +0530 Tue, 11 Oct 2022 10:19:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428788 Penalty under section 271(1)(c) was held not leviable where the assessee's embezzlement-loss claim had only been partly disallowed in quantum proceedings. For assessment year 1991-92, the record did not conclusively show actual receipt of the alleged repayment, and for 1999-2000 the assessee conceded only a small portion while maintaining that the remaining claim was supported by bank records. As the Revenue did not establish that the claims were false or wholly untenable, concealment or furnishing of inaccurate particulars was not made out, and the penalty was deleted for both years. Case-Laws Income Tax Fri, 07 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428788