https://www.taxtmi.com/caselaws?id=758399 ITAT Pune allowed the assessee's appeal and directed the AO to delete penalty u/s 271(1)(c) imposed on estimated GP addition and disallowances. The tribunal held that mere addition or disallowance does not warrant penalty imposition. Following J.R. Enterprises and CIT vs. Reliance Petroproducts precedents, the tribunal found that claims not sustainable in law do not constitute furnishing inaccurate particulars or income concealment when all facts were disclosed truly and fully by the assessee. en-us Tue, 10 Sep 2024 00:00:00 +0530 Thu, 12 Sep 2024 08:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758399 ITAT Pune allowed the assessee's appeal and directed the AO to delete penalty u/s 271(1)(c) imposed on estimated GP addition and disallowances. The tribunal held that mere addition or disallowance does not warrant penalty imposition. Following J.R. Enterprises and CIT vs. Reliance Petroproducts precedents, the tribunal found that claims not sustainable in law do not constitute furnishing inaccurate particulars or income concealment when all facts were disclosed truly and fully by the assessee. Case-Laws Income Tax Tue, 10 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758399