https://www.taxtmi.com/caselaws?id=751620 ITAT Chennai held that penalty u/s 271(1)(c) cannot be levied where assessee disclosed remuneration and interest on capital from partnership firm in original return but incorrectly claimed presumptive taxation u/s 44AD at 8% profit instead of declaring as business income. Though the claim was legally incorrect and disallowed, complete particulars were disclosed in the return. Following Reliance Petroproducts SC precedent, making an incorrect claim does not constitute furnishing inaccurate particulars or concealment of income. Since no information was found incorrect or inaccurate and all facts were available to AO, penalty provision cannot be invoked. Appeal allowed. en-us Thu, 18 Apr 2024 00:00:00 +0530 Fri, 19 Apr 2024 14:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751620 ITAT Chennai held that penalty u/s 271(1)(c) cannot be levied where assessee disclosed remuneration and interest on capital from partnership firm in original return but incorrectly claimed presumptive taxation u/s 44AD at 8% profit instead of declaring as business income. Though the claim was legally incorrect and disallowed, complete particulars were disclosed in the return. Following Reliance Petroproducts SC precedent, making an incorrect claim does not constitute furnishing inaccurate particulars or concealment of income. Since no information was found incorrect or inaccurate and all facts were available to AO, penalty provision cannot be invoked. Appeal allowed. Case-Laws Income Tax Thu, 18 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751620