https://www.taxtmi.com/caselaws?id=55263 A bona fide but wrong claim for deduction, an incorrect capital gains computation, and a disputed land valuation did not, on these facts, justify penalty under section 271(1)(c) of the Income-tax Act, 1961. The claim for deduction under section 54B was made on the basis of a High Court decision, and the record did not show deliberate concealment or furnishing of inaccurate particulars. A mistaken or arguable claim, by itself, was insufficient for penalty; the operative point was the absence of intentional suppression, so penalty was not sustainable. en-us Mon, 18 May 1998 00:00:00 +0530 Thu, 25 Nov 2010 09:36:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55263 A bona fide but wrong claim for deduction, an incorrect capital gains computation, and a disputed land valuation did not, on these facts, justify penalty under section 271(1)(c) of the Income-tax Act, 1961. The claim for deduction under section 54B was made on the basis of a High Court decision, and the record did not show deliberate concealment or furnishing of inaccurate particulars. A mistaken or arguable claim, by itself, was insufficient for penalty; the operative point was the absence of intentional suppression, so penalty was not sustainable. Case-Laws Income Tax Mon, 18 May 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55263