https://www.taxtmi.com/caselaws?id=794018 Penalty under section 271(1)(c) was not attracted where the assessee had disclosed all material facts, the deduction claim under section 42 was made on a bona fide basis, and the issue was debatable. A mere disallowance of the claim in quantum proceedings did not, by itself, establish concealment of income or furnishing of inaccurate particulars unless the return particulars were shown to be false or incorrect. The deletion of penalty was therefore upheld in favour of the assessee. en-us Mon, 08 Jun 2026 00:00:00 +0530 Sat, 27 Jun 2026 08:33:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=794018 Penalty under section 271(1)(c) was not attracted where the assessee had disclosed all material facts, the deduction claim under section 42 was made on a bona fide basis, and the issue was debatable. A mere disallowance of the claim in quantum proceedings did not, by itself, establish concealment of income or furnishing of inaccurate particulars unless the return particulars were shown to be false or incorrect. The deletion of penalty was therefore upheld in favour of the assessee. Case-Laws Income Tax Mon, 08 Jun 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=794018