The assessee-bank made a bona fide claim for a deduction under section 36(1)(viii), which is linked to its business profit. The Assessing Officer recomputed the business profit, leading to a consequential disallowance of the claimed deduction, and thereafter imposed a penalty under section 271(1)(c). Upholding the order of the Tribunal, the High Court held that where a variance in an allowable deduction is merely a consequence of the recomputation of business profit by the Assessing Officer, it cannot be said that the assessee has furnished inaccurate particulars of income. The mere making of a bona fide claim that is ultimately not sustained in law does not, by itself, attract a penalty for furnishing inaccurate particulars. (AY. 1999-00)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 271(1)(c) : Penalty-Concealment-Bona fide claim for deduction-Disallowance arising from re computation of business profit by Assessing Officer does not amount to furnishing of inaccurate particulars. [S. 36(1)(viii)]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-58311","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-fav","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/58311","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=58311"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/58311\/revisions"}],"predecessor-version":[{"id":58312,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/58311\/revisions\/58312"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=58311"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=58311"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=58311"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}