https://www.taxtmi.com/caselaws?id=782985 Penalty under section 271(1)(c) was examined in relation to disallowances of gifts/presentation expenses and penalty paid on excise duty. The material on record did not establish concealment of income or furnishing of inaccurate particulars, and the disallowances arose from rejection of the assessee's explanation rather than proof of deliberate default. The text notes that an assessment disallowance does not automatically justify penalty because assessment and penalty proceedings operate separately, and a bona fide claim, even if unsuccessful, may not attract penalty. The penalty was therefore deleted in favour of the assessee. en-us Mon, 17 Nov 2025 00:00:00 +0530 Mon, 08 Dec 2025 08:31:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=782985 Penalty under section 271(1)(c) was examined in relation to disallowances of gifts/presentation expenses and penalty paid on excise duty. The material on record did not establish concealment of income or furnishing of inaccurate particulars, and the disallowances arose from rejection of the assessee's explanation rather than proof of deliberate default. The text notes that an assessment disallowance does not automatically justify penalty because assessment and penalty proceedings operate separately, and a bona fide claim, even if unsuccessful, may not attract penalty. The penalty was therefore deleted in favour of the assessee. Case-Laws Income Tax Mon, 17 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=782985