Difference in Transaction Perception Doesn’t Mean Inaccurate Particulars

Riyasat Palaces Limited Vs ACIT (ITAT Delhi) Introduction: In a recent tax dispute case between Riyasat Palaces Limited and the Assistant Commissioner of Income Tax (ACIT), the Income Tax Appellate Tribunal (ITAT) Delhi has ruled in favour of the appellant. The case revolved around the penalty of Rs.2,91,000 imposed under Section 271(1)(c) of the Income-tax Act, 1961, for allegedly furnishing inaccurate particulars of income. Analysis: The ITAT observed that the assessee, Riyasat Palaces Limited, had disclosed all material facts pertaining to the claim of the interest expense, which the Assess...