Mere acceptance of disallowance not imply furnishing of inaccurate income particulars

Gulab Impex Enterprises Pvt. Ltd. Vs ACIT (ITAT Delhi) The case of Gulab Impex Enterprises Pvt. Ltd. Vs ACIT (ITAT Delhi) presents a crucial exploration of the penalty provision under section 271(1)(c) of the Income Tax Act, 1961. The crux of the dispute lies in determining whether the mere acceptance of disallowance equates to furnishing inaccurate particulars of income, subsequently justifying the imposition of a penalty. The assessee, a corporate entity, initially didn’t claim a penalty of Rs.5,00,000 imposed by SEBI as a deduction in their original return. However, in the revised ret...