https://www.taxtmi.com/caselaws?id=451099 The ITAT Mumbai held that penalty under section 271(1)(c) was not sustainable where the assessee claimed deduction under section 80GGC for payments made to a newsletter editor, believing it qualified as political party contribution. Though the quantum appeal was decided against the assessee as the newsletter was neither a registered political party nor electoral trust, the tribunal found the original claim was made in good faith based on auditor's opinion and was initially accepted by CIT(A). Following Reliance Petro Products Ltd precedent, the tribunal concluded that a bonafide claim later found inadmissible does not constitute furnishing inaccurate particulars warranting penalty. The penalty was deleted and assessee's appeal allowed. 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 The ITAT Mumbai held that penalty under section 271(1)(c) was not sustainable where the assessee claimed deduction under section 80GGC for payments made to a newsletter editor, believing it qualified as political party contribution. Though the quantum appeal was decided against the assessee as the newsletter was neither a registered political party nor electoral trust, the tribunal found the original claim was made in good faith based on auditor's opinion and was initially accepted by CIT(A). Following Reliance Petro Products Ltd precedent, the tribunal concluded that a bonafide claim later found inadmissible does not constitute furnishing inaccurate particulars warranting penalty. The penalty was deleted and assessee's appeal allowed. Case-Laws Income Tax Mon, 18 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=451099