Mere Acceptance of Disallowance cannot Conclude Furnishing of Inaccurate Particulars of Income: ITAT Deletes Penalty u/s. 271(1)(c) of Income Tax Act [Read Order]

By Fathima Karama A.M - On June 15, 2023 2:00 pm - 2 mins read

Mere Acceptance of Disallowance - Furnishing of Inaccurate Particulars of - Income - ITAT Deletes Penalty - of Income Tax Act - TAXSCAN

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has deleted the penalty under Section 271(1)(c) of the Income Tax Act 1961 holding that mere acceptance of disallowance could not conclude furnishing of inaccurate particulars of income. The assessee, Gulab Impex Enterprises Pvt. was a resident corporate entity. On 03.11.2014, Security Appellate Tribunal, Mumbai upheld…

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