https://www.taxtmi.com/caselaws?id=204248 The Tribunal held that the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961 on the assessee for disallowance of expenses related to horse races was not justified. The penalty was deemed inappropriate as it was based on the legal inadmissibility of the deduction claim rather than the provision of false factual particulars. Therefore, the Tribunal directed the Assessing Officer to delete the penalty, ruling in favor of the assessee on June 25, 2010. en-us Fri, 25 Jun 2010 00:00:00 +0530 Thu, 09 Aug 2012 15:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=204248 The Tribunal held that the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961 on the assessee for disallowance of expenses related to horse races was not justified. The penalty was deemed inappropriate as it was based on the legal inadmissibility of the deduction claim rather than the provision of false factual particulars. Therefore, the Tribunal directed the Assessing Officer to delete the penalty, ruling in favor of the assessee on June 25, 2010. Case-Laws Income Tax Fri, 25 Jun 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=204248