Section 271(1)(c) Penalty: Disallowance of Expenses Alone Doesn't Justify Penalty for Inaccurate Income Filing.

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....Penalty u/ s 271(1)(c) - Disallowance on account of personnel expenses, operative expenses and finance expenses - it a “mere disallowance” of an expense does not warrant a penalty for filing inaccurate particulars of income u/s 271(1)(c). - AT....