https://www.taxtmi.com/caselaws?id=797761 Penalty for furnishing inaccurate particulars requires an independently established default; a statutory disallowance alone is insufficient. A professional-fee debit corresponding to loan repayment and matching professional receipts was revenue neutral and could not support penalty where it was treated as a loan transaction rather than unexplained credit. Penalty remained applicable to professional-fee claims for which recipients denied payment or supporting evidence was not provided. For tax-deduction disallowance, an individual's or HUF's obligation to deduct tax depends on preceding-year gross professional receipts exceeding the prescribed threshold. Unverified reliance on receipts from an earlier year did not disprove the claimed absence of that obligation, so penalty could not rest on that disallowance. en-us Mon, 03 Aug 2026 00:00:00 +0530 Thu, 27 Aug 2026 08:28:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=797761 Penalty for furnishing inaccurate particulars requires an independently established default; a statutory disallowance alone is insufficient. A professional-fee debit corresponding to loan repayment and matching professional receipts was revenue neutral and could not support penalty where it was treated as a loan transaction rather than unexplained credit. Penalty remained applicable to professional-fee claims for which recipients denied payment or supporting evidence was not provided. For tax-deduction disallowance, an individual's or HUF's obligation to deduct tax depends on preceding-year gross professional receipts exceeding the prescribed threshold. Unverified reliance on receipts from an earlier year did not disprove the claimed absence of that obligation, so penalty could not rest on that disallowance. Case-Laws Income Tax Mon, 03 Aug 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=797761