https://www.taxtmi.com/caselaws?id=431187 Penalty for furnishing inaccurate particulars under section 271(1)(c) requires proof that the return contained false or untrue details; a mere disallowance of a claim does not by itself justify penalty. Here, the section 14A adjustment was tax neutral under the tonnage tax scheme and the relevant facts were disclosed, the gratuity claim appeared in the tax audit report, the interest mismatch arose from reporting differences, and the capital gain error was an inadvertent mistake corrected during assessment. No deliberate concealment or misrepresentation was established, so deletion of penalty was justified. en-us Tue, 06 Dec 2022 00:00:00 +0530 Wed, 07 Dec 2022 10:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431187 Penalty for furnishing inaccurate particulars under section 271(1)(c) requires proof that the return contained false or untrue details; a mere disallowance of a claim does not by itself justify penalty. Here, the section 14A adjustment was tax neutral under the tonnage tax scheme and the relevant facts were disclosed, the gratuity claim appeared in the tax audit report, the interest mismatch arose from reporting differences, and the capital gain error was an inadvertent mistake corrected during assessment. No deliberate concealment or misrepresentation was established, so deletion of penalty was justified. Case-Laws Income Tax Tue, 06 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431187