https://www.taxtmi.com/caselaws?id=203466 The Tribunal canceled the penalty under Section 271(1)(c) of the Income Tax Act, finding no evidence of conscious concealment of income by the assessee. Despite disallowing certain expenses claimed by the assessee, the Tribunal emphasized that the mere disallowance did not automatically warrant a penalty. The Tribunal noted that the books of account were audited, and previous years' profits were accepted by the department. Therefore, the penalty was deemed unjustified, and its deletion was directed. The Court upheld this decision, emphasizing that the disallowance of expenses did not indicate conscious furnishing of incorrect income particulars. en-us Tue, 15 Mar 2011 00:00:00 +0530 Sat, 28 May 2011 08:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=203466 The Tribunal canceled the penalty under Section 271(1)(c) of the Income Tax Act, finding no evidence of conscious concealment of income by the assessee. Despite disallowing certain expenses claimed by the assessee, the Tribunal emphasized that the mere disallowance did not automatically warrant a penalty. The Tribunal noted that the books of account were audited, and previous years' profits were accepted by the department. Therefore, the penalty was deemed unjustified, and its deletion was directed. The Court upheld this decision, emphasizing that the disallowance of expenses did not indicate conscious furnishing of incorrect income particulars. Case-Laws Income Tax Tue, 15 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=203466