Penalty under section 271(1)(c) deleted where disputed claim was fully disclosed and only head of income was contested.
X X X X Extracts X X X X
X X X X Extracts X X X X
....The ITAT held that penalty under section 271(1)(c) was unsustainable because the dispute concerned only the head of income and the allowability of deduction on disclosed facts, not concealment or furnishing of inaccurate particulars. The assessee's claim for full section 54 relief was accepted on the merits, and the joint reinvestment with her son had been disclosed to the department. Relying on Manjunatha Cotton and Reliance Petroproducts, the Tribunal held that a disallowed claim or a claim under a different head does not by itself justify penalty. The penalty was deleted.....
TaxTMI
TaxTMI