No Penalty for Fully Disclosed Wrong Claim: ITAT

ITAT Deletes Rs 1.61 Crore Penalty, Says Incorrect but Disclosed Claim Not ‘Inaccurate Particulars’ The ITAT upheld deletion of a Rs 1.61 crore penalty on the company, ruling that fully disclosed but incorrect claims do not constitute inaccurate particulars, relying on the Supreme Court‘s judgement in the case titled CIT v. Reliance Petroproducts Pvt. Ltd….