Penalty u/s 271(1)(c) not leviable as disallowance of expense doesn’t mean incorrect furnishing of income

Kekri Cooperative Marketing Society Vs ITO ( ITAT Jaipur)

ITAT Jaipur held that disallowance of expenses per se cannot mean that the assessee has furnished incorrect particulars of income. Accordingly, penalty under section 271(1)(c) of the Inco

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