https://www.taxtmi.com/caselaws?id=466246 Penalty liability under section 271(1)(c) was contested on the ground of alleged inaccurate particulars of income; the tribunal found the assessee had disclosed short term capital gain in the return filed under section 139(4) and that the AO, after issuing a s.143(2) notice post-filing, accepted that disclosure. The only adjustments were ad hoc expense disallowances and depreciation disallowance, none amounting to a finding of inaccurate particulars; consequently penalty could not be sustained and the revenue appeal was dismissed. en-us Fri, 28 Feb 2025 00:00:00 +0530 Fri, 30 Jan 2026 19:20:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466246 Penalty liability under section 271(1)(c) was contested on the ground of alleged inaccurate particulars of income; the tribunal found the assessee had disclosed short term capital gain in the return filed under section 139(4) and that the AO, after issuing a s.143(2) notice post-filing, accepted that disclosure. The only adjustments were ad hoc expense disallowances and depreciation disallowance, none amounting to a finding of inaccurate particulars; consequently penalty could not be sustained and the revenue appeal was dismissed. Case-Laws Income Tax Fri, 28 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466246