https://www.taxtmi.com/caselaws?id=791921 Penalty for concealment or inaccurate particulars under section 271(1)(c) could not be sustained merely because depreciation or routine expenses were disallowed when the claims were disclosed in the return and financial statements; penalty was therefore not leviable on depreciation, though it remained sustainable on foreign travelling expenditure found to lack business nexus. Under section 270A, disallowances of depreciation, administrative expenses and a write-off did not by themselves establish under-reporting by misreporting, as there was no finding of false entries or suppression of facts, so the penalty was deleted. The penalty notice was held valid because it specified the charge of furnishing inaccurate particulars of income. en-us Mon, 20 Apr 2026 00:00:00 +0530 Wed, 20 May 2026 08:31:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=791921 Penalty for concealment or inaccurate particulars under section 271(1)(c) could not be sustained merely because depreciation or routine expenses were disallowed when the claims were disclosed in the return and financial statements; penalty was therefore not leviable on depreciation, though it remained sustainable on foreign travelling expenditure found to lack business nexus. Under section 270A, disallowances of depreciation, administrative expenses and a write-off did not by themselves establish under-reporting by misreporting, as there was no finding of false entries or suppression of facts, so the penalty was deleted. The penalty notice was held valid because it specified the charge of furnishing inaccurate particulars of income. Case-Laws Income Tax Mon, 20 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=791921