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2016 (2) TMI 345 - AT - Income TaxPenalty under section 271(1)(c) - addition of foreign travel expenses - Held that:- There is no finding by the authorities below that the details furnished by the assessee were found to be incorrect or erroneous or false. In these factual circumstances, there would be no question of imposing penalty u/s. 271(1)(c) of the Act. A mere claim made in the return of income which is not acceptable by itself, will not amount to furnishing of inaccurate particulars or concealment of income. In this view of the matter, we are of the considered opinion that the foreign travelling expenses incurred, claimed by the assessee and disallowed by the Assessing Officer in the case on hand cannot be said to be attract the provisions of section 271(1)(c) of the Act to justify and sustain the levy of penalty thereunder. We, therefore, cancel the penalty - Decided in favour of assessee
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