Mere incorrect claims in ITR not amounts to concealment of income

Kongnoli Sarva Seva Society Ltd Vs ITO (ITAT Pune) Introduction: The Income Tax Appellate Tribunal (ITAT) in Pune recently delivered an impactful ruling in the Kongnoli Sarva Seva Society Ltd Vs ITO case. ITAT set aside the order from the National Faceless Appeal Centre (NFAC), making it clear that incorrect claims of deductions or expenses in an Income Tax Return (ITR) do not amount to concealment of income or furnishing inaccurate particulars. The appellant had challenged the penalty imposed by the Income Tax Officer (ITO) under section 271(1)(c) of the Income-tax Act, 1961. Analysis: The ca...