Mere Allowable Deductions Variance is not Inaccurate furnishing of Income Particulars

PCIT Vs ICICI Bank Ltd (Bombay High Court) Introduction: The case of PCIT versus ICICI Bank Ltd, heard by the Bombay High Court, revolves around the imposition of penalties under Section 271(1)(c) of the Income Tax Act. The dispute arose from variations in allowable deductions claimed by the assessee. This article delves into the court’s analysis and the implications of its ruling. Detailed Analysis: The essence of the case lies in the dispute over whether the assessee furnished inaccurate particulars of income by claiming deductions not initially mentioned in the return of income. The A...