https://www.taxtmi.com/caselaws?id=440338 The Appellate Tribunal allowed the appeal filed by the Hindu Undivided Family engaged in share trading, setting aside the penalty imposed under section 271(1)(c) of the Income Tax Act 1961 for the Assessment Year 2014-15. The Tribunal held that there was no concealment of income as the assessee had duly disclosed the exempted income, emphasizing that a penalty cannot be imposed solely based on a claim being disallowed by the Assessing Officer. Citing a Supreme Court judgment, it was established that an inaccurate claim does not amount to furnishing inaccurate particulars of income, leading to the deletion of the penalty. en-us Wed, 12 Jul 2023 00:00:00 +0530 Sat, 15 Jul 2023 08:03:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440338 The Appellate Tribunal allowed the appeal filed by the Hindu Undivided Family engaged in share trading, setting aside the penalty imposed under section 271(1)(c) of the Income Tax Act 1961 for the Assessment Year 2014-15. The Tribunal held that there was no concealment of income as the assessee had duly disclosed the exempted income, emphasizing that a penalty cannot be imposed solely based on a claim being disallowed by the Assessing Officer. Citing a Supreme Court judgment, it was established that an inaccurate claim does not amount to furnishing inaccurate particulars of income, leading to the deletion of the penalty. Case-Laws Income Tax Wed, 12 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440338