https://www.taxtmi.com/caselaws?id=451099 Penalty under section 271(1)(c) was held unsustainable where the assessee's deduction claim under section 80GGC was made on the basis of the auditor's note and supporting records. The assessee had disclosed the underlying payment and advanced a legal claim to deduction; mere disallowance of that claim in quantum proceedings did not, by itself, establish furnishing of inaccurate particulars. For penalty to be levied, the explanation had to be shown false or lacking bona fides, and that standard was not met on the facts disclosed. The penalty was therefore deleted. en-us Mon, 18 Mar 2024 00:00:00 +0530 Tue, 19 Mar 2024 12:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=451099 Penalty under section 271(1)(c) was held unsustainable where the assessee's deduction claim under section 80GGC was made on the basis of the auditor's note and supporting records. The assessee had disclosed the underlying payment and advanced a legal claim to deduction; mere disallowance of that claim in quantum proceedings did not, by itself, establish furnishing of inaccurate particulars. For penalty to be levied, the explanation had to be shown false or lacking bona fides, and that standard was not met on the facts disclosed. The penalty was therefore deleted. Case-Laws Income Tax Mon, 18 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=451099