Disallowance of claim doesn’t amount to furnishing of inaccurate particulars, hence no penalty u/s. 271(1)(c)

Director of Income Tax (International Taxation) Vs Niko Resources Ltd (Gujarat High Court) Gujarat High Court held that disallowance of claim made in return cannot amount to furnishing of inaccurate particulars. Accordingly, penalty under section 271(1)(c) of the Income Tax Act cannot be levied in such case. Thus, appeal of revenue dismissed and questions of law answered in favour of assessee. Facts- The present petition has been preferred by the revenue. It is mainly contested that the Appellate Tribunal has substantially erred in confirming the order passed by the CIT(A) in cancelling the p...