https://www.taxtmi.com/caselaws?id=782149 HC upheld the Tribunal's deletion of penalty u/s 271(1)(c) imposed on the assessee in relation to disallowance of deduction u/s 42 for various oil blocks, deduction u/s 80IB(9), and depreciation on pipelines and drilling wells. Relying on SC precedent in Reliance Petroproducts, HC held that in the absence of any finding that the particulars furnished in the return were incorrect, erroneous, or false, mere disallowance or differing views on admissibility of claims could not justify penalty. HC also noted prior ruling treating mineral oil wells as plant, reinforcing deletion of penalty. en-us Thu, 13 Nov 2025 00:00:00 +0530 Tue, 25 Nov 2025 08:55:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=782149 HC upheld the Tribunal's deletion of penalty u/s 271(1)(c) imposed on the assessee in relation to disallowance of deduction u/s 42 for various oil blocks, deduction u/s 80IB(9), and depreciation on pipelines and drilling wells. Relying on SC precedent in Reliance Petroproducts, HC held that in the absence of any finding that the particulars furnished in the return were incorrect, erroneous, or false, mere disallowance or differing views on admissibility of claims could not justify penalty. HC also noted prior ruling treating mineral oil wells as plant, reinforcing deletion of penalty. Case-Laws Income Tax Thu, 13 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=782149