Penalty u/s 271(1)(c) not leviable as disallowance of expense doesn’t mean incorrect furnishing of income

Advertisement Kekri Cooperative Marketing Society Vs ITO ( ITAT Jaipur) ITAT Jaipur held that disallowance of expenses per se cannot mean that the assessee has furnished incorrect particulars of income. Accordingly, penalty under section 271(1)(c) of the Income Tax Act not leviable. Facts- The assessee claimed deduction under various sub-section of 80P of the Act. However, the AO after verification of the records restricted the allowance of deduction u/s 80P of the Act and he was of the view that the business activities carried out by the assessee are not falling under the category of eligi...