https://www.taxtmi.com/caselaws?id=759987 ITAT Jaipur dismissed revenue's appeal against deletion of penalty u/s 271(1)(c). Assessee claimed deduction for compensation paid to farmers for mining rights acquisition. AO allowed expenditure over 20 years instead of single year, leading to addition and penalty. CIT(A) deleted penalty relying on SC decision in Reliance Petro Products, holding that incorrect legal claim doesn't constitute furnishing inaccurate particulars. ITAT upheld CIT(A)'s decision, noting assessee provided complete expenditure details and expenditure was ultimately allowed on deferred basis. Tribunal followed Delhi ITAT precedents in similar deferred expenditure cases. en-us Fri, 27 Sep 2024 00:00:00 +0530 Fri, 11 Oct 2024 10:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759987 ITAT Jaipur dismissed revenue's appeal against deletion of penalty u/s 271(1)(c). Assessee claimed deduction for compensation paid to farmers for mining rights acquisition. AO allowed expenditure over 20 years instead of single year, leading to addition and penalty. CIT(A) deleted penalty relying on SC decision in Reliance Petro Products, holding that incorrect legal claim doesn't constitute furnishing inaccurate particulars. ITAT upheld CIT(A)'s decision, noting assessee provided complete expenditure details and expenditure was ultimately allowed on deferred basis. Tribunal followed Delhi ITAT precedents in similar deferred expenditure cases. Case-Laws Income Tax Fri, 27 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759987