C.I.T.,Ahmedabad vs Reliance Petroproducts Pvt.Ltd

The Supreme Court addressed the issue of penalty under Section 271(1)(c) of the Income Tax Act, determining that the mere disallowance of a claim does not equate to concealment of income or furnishing inaccurate particulars. The Court upheld the decisions of the Commissioner of Income Tax (Appeals) and the Income Tax Appellate Tribunal, which had deleted the penalty imposed by the Assessing Authority. The ruling emphasized that a difference of opinion on the interpretation of facts does not warrant penalty under the Act.