https://www.taxtmi.com/caselaws?id=793890 Penalty for concealment was not leviable where the assessee made a bona fide claim for provision for bad and doubtful debts and fully disclosed the relevant facts in the financial statements, return and tax audit material. The excess claim arose from a calculation error in applying prudential and RBI norms, and the mere disallowance of the claim did not establish concealment or furnishing of inaccurate particulars. An incorrect claim, by itself, is insufficient for penalty when the underlying facts are disclosed and the claim is made honestly. Penalty was deleted. en-us Mon, 22 Jun 2026 00:00:00 +0530 Thu, 25 Jun 2026 08:27:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=793890 Penalty for concealment was not leviable where the assessee made a bona fide claim for provision for bad and doubtful debts and fully disclosed the relevant facts in the financial statements, return and tax audit material. The excess claim arose from a calculation error in applying prudential and RBI norms, and the mere disallowance of the claim did not establish concealment or furnishing of inaccurate particulars. An incorrect claim, by itself, is insufficient for penalty when the underlying facts are disclosed and the claim is made honestly. Penalty was deleted. Case-Laws Income Tax Mon, 22 Jun 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=793890