https://www.taxtmi.com/caselaws?id=121640 The Tribunal canceled the penalty of Rs. 9,21,803 imposed under section 271(1)(c) of the Income-tax Act, finding that the assessee did not conceal income or furnish inaccurate particulars. The assessee's explanations regarding interest disallowance under section 14A were deemed bona fide and substantiated. Consequently, the Tribunal allowed the appeal in favor of the assessee, ruling that the penalty provisions were not applicable in this case. en-us Thu, 15 Jan 2009 00:00:00 +0530 Fri, 24 Nov 2023 15:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121640 The Tribunal canceled the penalty of Rs. 9,21,803 imposed under section 271(1)(c) of the Income-tax Act, finding that the assessee did not conceal income or furnish inaccurate particulars. The assessee's explanations regarding interest disallowance under section 14A were deemed bona fide and substantiated. Consequently, the Tribunal allowed the appeal in favor of the assessee, ruling that the penalty provisions were not applicable in this case. Case-Laws Income Tax Thu, 15 Jan 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121640