https://www.taxtmi.com/caselaws?id=60512 The Tribunal allowed the appeal, deleting the penalty imposed under section 271(1)(c) as it found that the disallowance of interest claimed by the assessee did not constitute concealment or furnishing inaccurate particulars of income. The Tribunal held that the borrowings were not for genuine business purposes but were illusory and colorable, aimed at reducing the tax incidence. The Judicial Member and the Third Member both concluded that the penalty was not justified, aligning with the view that the mere non-acceptance of an expenditure as revenue does not imply inaccurate particulars were furnished. en-us Wed, 20 Jun 2001 00:00:00 +0530 Wed, 05 Jan 2011 16:30:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60512 The Tribunal allowed the appeal, deleting the penalty imposed under section 271(1)(c) as it found that the disallowance of interest claimed by the assessee did not constitute concealment or furnishing inaccurate particulars of income. The Tribunal held that the borrowings were not for genuine business purposes but were illusory and colorable, aimed at reducing the tax incidence. The Judicial Member and the Third Member both concluded that the penalty was not justified, aligning with the view that the mere non-acceptance of an expenditure as revenue does not imply inaccurate particulars were furnished. Case-Laws Income Tax Wed, 20 Jun 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60512