https://www.taxtmi.com/caselaws?id=754994 The ITAT Indore ruled in favor of the assessee regarding penalty u/s 271(1)(c). The AO had treated property income as house property instead of business income, disallowing depreciation and interest deductions, then imposed penalty for furnishing inaccurate particulars. The tribunal held that merely making unsustainable claims without supplying incorrect information does not attract penalty. Following SC precedent in Reliance Petro Products, the tribunal found no concealment or inaccurate particulars, as the assessee had disclosed complete details. The penalty was deleted. en-us Thu, 20 Jun 2024 00:00:00 +0530 Wed, 03 Jul 2024 08:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754994 The ITAT Indore ruled in favor of the assessee regarding penalty u/s 271(1)(c). The AO had treated property income as house property instead of business income, disallowing depreciation and interest deductions, then imposed penalty for furnishing inaccurate particulars. The tribunal held that merely making unsustainable claims without supplying incorrect information does not attract penalty. Following SC precedent in Reliance Petro Products, the tribunal found no concealment or inaccurate particulars, as the assessee had disclosed complete details. The penalty was deleted. Case-Laws Income Tax Thu, 20 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754994