https://www.taxtmi.com/caselaws?id=438019 The Tribunal held that the penalty under Section 271(1)(c) for furnishing inaccurate particulars of income was unsustainable. It was concluded that the assessee had not furnished inaccurate particulars, as all details were disclosed, and the addition was based on estimates. The Tribunal emphasized the need for specific findings in penalty proceedings, distinct from quantum assessments. Citing the Supreme Court's decision, it ruled that making an incorrect claim does not constitute furnishing inaccurate particulars. Consequently, the penalty was deleted, and the assessee's appeal was allowed. en-us Mon, 13 Mar 2023 00:00:00 +0530 Tue, 05 May 2026 10:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438019 The Tribunal held that the penalty under Section 271(1)(c) for furnishing inaccurate particulars of income was unsustainable. It was concluded that the assessee had not furnished inaccurate particulars, as all details were disclosed, and the addition was based on estimates. The Tribunal emphasized the need for specific findings in penalty proceedings, distinct from quantum assessments. Citing the Supreme Court's decision, it ruled that making an incorrect claim does not constitute furnishing inaccurate particulars. Consequently, the penalty was deleted, and the assessee's appeal was allowed. Case-Laws Income Tax Mon, 13 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438019