https://www.taxtmi.com/caselaws?id=775590 ITAT Jaipur held that the AO was not justified in levying penalty u/s 271(1)(c) for disallowing deduction u/s 80P related to interest on staff advances and miscellaneous income. The assessee had disclosed the disputed nature of the interest income in the return and provided relevant financial statements during assessment. The Tribunal found no concealment or inaccurate particulars of income, relying on precedent that mere wrong claims do not amount to furnishing inaccurate particulars absent false or incorrect information. The penalty was therefore set aside and the assessee's appeal allowed. en-us Tue, 03 Jun 2025 00:00:00 +0530 Mon, 28 Jul 2025 08:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775590 ITAT Jaipur held that the AO was not justified in levying penalty u/s 271(1)(c) for disallowing deduction u/s 80P related to interest on staff advances and miscellaneous income. The assessee had disclosed the disputed nature of the interest income in the return and provided relevant financial statements during assessment. The Tribunal found no concealment or inaccurate particulars of income, relying on precedent that mere wrong claims do not amount to furnishing inaccurate particulars absent false or incorrect information. The penalty was therefore set aside and the assessee's appeal allowed. Case-Laws Income Tax Tue, 03 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775590