Penalty u/s 271(1)(c) not justified for unsustainable claim which was fully disclosed

Hon’ble High Court held that making of an incorrect claim would not tantamount to furnishing inaccurate particulars of income when Assessee has made full disclosure of relevant Facts and of Claim Made as held by Hon’ble Supreme Court in the case of CIT vs. Reliance Petroproducts  Pvt.  Ltd. 322 ITR 158. Facts of the Case The respondent­ assessee had on 27 January 1995 entered into a Development Agreement with the owners of land at Pune by paying a   consideration of Rs.54 Lakhs.  During the previous year relevant to the subject Assessment Year 2005­06 the aforesaid agreement dated 27...