https://www.taxtmi.com/caselaws?id=66918 The appeal challenging the penalty imposition under section 271(1)(c) of the Income-tax Act, 1961 was dismissed by the Appellate Tribunal ITAT Indore. The Tribunal upheld the penalty imposed by the Income Tax Officer (ITO) for excessive interest deduction claimed by a firm, despite the appellant's arguments of no concealment of income. The Tribunal found the penalty justified based on the lack of justification for the deduction and attempts to reduce tax liability. The decision of the lower authorities to levy the penalty was affirmed, and the appeal was unsuccessful. en-us Wed, 05 Mar 1986 00:00:00 +0530 Tue, 08 Mar 2011 11:28:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66918 The appeal challenging the penalty imposition under section 271(1)(c) of the Income-tax Act, 1961 was dismissed by the Appellate Tribunal ITAT Indore. The Tribunal upheld the penalty imposed by the Income Tax Officer (ITO) for excessive interest deduction claimed by a firm, despite the appellant's arguments of no concealment of income. The Tribunal found the penalty justified based on the lack of justification for the deduction and attempts to reduce tax liability. The decision of the lower authorities to levy the penalty was affirmed, and the appeal was unsuccessful. Case-Laws Income Tax Wed, 05 Mar 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66918