https://www.taxtmi.com/caselaws?id=469655 Penalty under section 271(1)(c) was not leviable where the assessee had disclosed all primary facts and made claims under section 42 and for higher depreciation on a bona fide interpretation of the contract and statute. Mere disallowance of those claims did not establish concealment or furnishing of inaccurate particulars, because there was no finding that the particulars filed were false or incorrect. A bona fide explanation supported by full disclosure took the case outside Explanation 1. The penalty was deleted for both disallowances. en-us Fri, 30 Apr 2010 00:00:00 +0530 Fri, 26 Jun 2026 15:54:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=469655 Penalty under section 271(1)(c) was not leviable where the assessee had disclosed all primary facts and made claims under section 42 and for higher depreciation on a bona fide interpretation of the contract and statute. Mere disallowance of those claims did not establish concealment or furnishing of inaccurate particulars, because there was no finding that the particulars filed were false or incorrect. A bona fide explanation supported by full disclosure took the case outside Explanation 1. The penalty was deleted for both disallowances. Case-Laws Income Tax Fri, 30 Apr 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=469655