https://www.taxtmi.com/caselaws?id=34199 Penalty under section 271(1)(c) was not justified where the assessee had fully disclosed the loss in the return and accompanying documents, and the incorrect set-off claim arose from counsel's mistake. The HC held that Dharmendra Textile Processors does not make every inaccurate claim penal; the provision still requires deliberate default or concealment of income, or furnishing of inaccurate particulars. On the Tribunal's factual finding that there was no concealment and no perversity was shown, deletion of penalty was upheld. en-us Tue, 14 Jul 2009 00:00:00 +0530 Wed, 03 Sep 2025 17:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34199 Penalty under section 271(1)(c) was not justified where the assessee had fully disclosed the loss in the return and accompanying documents, and the incorrect set-off claim arose from counsel's mistake. The HC held that Dharmendra Textile Processors does not make every inaccurate claim penal; the provision still requires deliberate default or concealment of income, or furnishing of inaccurate particulars. On the Tribunal's factual finding that there was no concealment and no perversity was shown, deletion of penalty was upheld. Case-Laws Income Tax Tue, 14 Jul 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34199