https://www.taxtmi.com/caselaws?id=789670 Penalty under Section 271(1)(c) was found justified where the assessee did not disclose part of the share-sale receipt as taxable income, claimed exemption, and sought a refund on that basis. The Court distinguished a mere dispute over the head of income from conduct showing concealment: the exemption claim had no legally sustainable foundation, and the omission surfaced only on scrutiny. On those facts, the return was treated as furnishing inaccurate particulars with an intent to evade tax, rather than a bona fide classification error, and the penalty was sustained. en-us Mon, 06 Apr 2026 00:00:00 +0530 Sat, 11 Apr 2026 08:53:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=789670 Penalty under Section 271(1)(c) was found justified where the assessee did not disclose part of the share-sale receipt as taxable income, claimed exemption, and sought a refund on that basis. The Court distinguished a mere dispute over the head of income from conduct showing concealment: the exemption claim had no legally sustainable foundation, and the omission surfaced only on scrutiny. On those facts, the return was treated as furnishing inaccurate particulars with an intent to evade tax, rather than a bona fide classification error, and the penalty was sustained. Case-Laws Income Tax Mon, 06 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=789670