Mere unsustainable claim not amounts to furnishing inaccurate particulars of Income

Galaxy Construction and Contractors Pvt. Ltd. Vs DCIT (ITAT Pune) The issue in the present appeal relates to levy of penalty under the provisions of section 271(1)(c) of the Act. The penalty was levied by the Assessing Officer in respect of addition made under the provisions of section 36(1)(iii) of the Act. It is an admitted fact that the appellant had not agitated the additions in the appellate proceedings. It is clearly settled position of law that when an assessee not agitated the addition in the appellate proceedings does not amount to either concealment of income or furnishing of inaccur...