https://www.taxtmi.com/caselaws?id=443866 Penalty under Section 271(1)(c) of the Income-tax Act, 1961 is not leviable where the assessee's claim is based on a debatable legal issue about the character of a sales tax exemption as capital or revenue receipt. The text states that the issue had already been treated as debatable in earlier proceedings involving the same assessee and similar assessments, and that an unsustainable claim does not by itself show concealment or furnishing of inaccurate particulars when the dispute concerns the legal nature of the receipt. On that basis, the assessee succeeded on the penalty question. en-us Mon, 11 Sep 2023 00:00:00 +0530 Tue, 03 Oct 2023 11:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=443866 Penalty under Section 271(1)(c) of the Income-tax Act, 1961 is not leviable where the assessee's claim is based on a debatable legal issue about the character of a sales tax exemption as capital or revenue receipt. The text states that the issue had already been treated as debatable in earlier proceedings involving the same assessee and similar assessments, and that an unsustainable claim does not by itself show concealment or furnishing of inaccurate particulars when the dispute concerns the legal nature of the receipt. On that basis, the assessee succeeded on the penalty question. Case-Laws Income Tax Mon, 11 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=443866