Penalty not imposable for non-submission of part documents related to bona fide claim as business was closed 

Jain Peripherals P. Ltd Vs DCIT (ITAT Delhi) Hon’ble Apex Court in the case of CIT Vs. Reliance Petro Products (P) Ltd. 322 ITR 158 (2010) held that ‘a mere making of the claim, which is not sustainable in law by itself will not amount to furnishing inaccurate particulars regarding the income of the assessee. Such claim made in the return cannot amount to inaccurate particulars. The Assessee has furnished all the details of its expenditure as well as its income in his return, which details in themselves, were not found to be inaccurate nor could be viewed as the concealment of income o...