Penalty u/s 271(1)(c) of Income Tax Act not leviable for mere rejection of claim

Balkrishna Purshottamdas Patel Vs JCIT (ITAT Ahmedabad) ITAT Ahmedabad held that as all the particulars duly furnished by the assessee relating to source of investment, mere rejection of the claim of the assessee cannot invite levy of penalty under section 271(1)(c) of the Income Tax Act. Accordingly, penalty deleted. Facts- Penalty for concealing/ furnishing inaccurate particulars of income as per provisions of section 271(1)(c) of the Act in the present case has been levied on an addition made to the income of the assessee and confirmed by the ld.CIT(A) and the ITAT, relating to the investme...