https://www.taxtmi.com/caselaws?id=764218 The Tribunal concluded that the penalties imposed under Section 271(1)(c) of the Income Tax Act, 1961, were not justified. The assessee had disclosed all relevant facts, and the disallowance of claims was due to a miscalculation rather than an intent to conceal income. The Tribunal found that merely making an unsustainable claim does not attract a penalty if there is no inaccuracy in the particulars furnished. Consequently, the appeal was allowed, and the penalties were directed to be deleted. en-us Fri, 03 Jan 2025 00:00:00 +0530 Mon, 06 Jan 2025 08:42:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764218 The Tribunal concluded that the penalties imposed under Section 271(1)(c) of the Income Tax Act, 1961, were not justified. The assessee had disclosed all relevant facts, and the disallowance of claims was due to a miscalculation rather than an intent to conceal income. The Tribunal found that merely making an unsustainable claim does not attract a penalty if there is no inaccuracy in the particulars furnished. Consequently, the appeal was allowed, and the penalties were directed to be deleted. Case-Laws Income Tax Fri, 03 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764218