https://www.taxtmi.com/caselaws?id=470717 Penalty for concealment or furnishing inaccurate particulars is not leviable where genuine statutory expenditure is disallowed solely because its year of allowability is disputed. The payments for labour, provident fund, insurance, electricity and land-compensation dues were not alleged to be misrepresented, bogus or non-genuine. As the expenditure remained allowable either on sale of stock-in-trade or, if capital in nature, on sale of the capital asset, the dispute concerned only the timing of deduction. The penalty was therefore not sustainable. en-us Wed, 22 May 2024 00:00:00 +0530 Wed, 05 Aug 2026 15:39:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470717 Penalty for concealment or furnishing inaccurate particulars is not leviable where genuine statutory expenditure is disallowed solely because its year of allowability is disputed. The payments for labour, provident fund, insurance, electricity and land-compensation dues were not alleged to be misrepresented, bogus or non-genuine. As the expenditure remained allowable either on sale of stock-in-trade or, if capital in nature, on sale of the capital asset, the dispute concerned only the timing of deduction. The penalty was therefore not sustainable. Case-Laws Income Tax Wed, 22 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470717