https://www.taxtmi.com/caselaws?id=68819 The Tribunal canceled the penalty imposed under Section 271(1)(c) of the IT Act on the amount claimed as Leave Travel Concession (LTC) paid to an employee. The Tribunal found that although there was a disagreement between the assessee and the Department regarding the business nature of the expenditure, the assessee's explanation was deemed bona fide. As there was no evidence of concealment or furnishing inaccurate particulars, the penalty was overturned, and the appeal was allowed in favor of the assessee. en-us Fri, 11 Apr 2008 00:00:00 +0530 Wed, 12 Jun 2013 18:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68819 The Tribunal canceled the penalty imposed under Section 271(1)(c) of the IT Act on the amount claimed as Leave Travel Concession (LTC) paid to an employee. The Tribunal found that although there was a disagreement between the assessee and the Department regarding the business nature of the expenditure, the assessee's explanation was deemed bona fide. As there was no evidence of concealment or furnishing inaccurate particulars, the penalty was overturned, and the appeal was allowed in favor of the assessee. Case-Laws Income Tax Fri, 11 Apr 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68819