2016 (1) TMI 319

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.... For the assessment year 1981-82 the assessee filed his return of income and disclosed various additions and deductions, which he sought. The assessing officer sustained certain additions and deductions claimed by the assessee and rejected certain additions and deductions and added them to the assessee's income. Based upon the additions made in the income penalty proceedings under Section 2....

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....l requirement for imposition of penalty under Section 271 (1) (c) is that there must be concealment of the particulars of the income. In the instant case, the assessee has disclosed all the income and claimed certain deductions, which was disallowed. The mere fact that certain deductions were disallowed does not mean that the assessee has furnished inaccurate particulars. It does not mean that ....