https://www.taxtmi.com/caselaws?id=213489 The ITAT upheld the CIT(A)'s decision to delete the penalty imposed under section 271(1)(c) of the IT Act. The penalty was challenged due to disallowances made under section 40(a)(ia) of the IT Act. The ITAT found that the assessee's actions were bonafide, with no deliberate attempt to conceal income, and no inaccurate particulars were furnished. Considering the technical nature of the disallowances, the penalty was deemed unjustified, leading to the dismissal of the Revenue's appeal and confirming the deletion of the penalty. en-us Tue, 13 Mar 2012 00:00:00 +0530 Tue, 22 May 2012 09:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213489 The ITAT upheld the CIT(A)'s decision to delete the penalty imposed under section 271(1)(c) of the IT Act. The penalty was challenged due to disallowances made under section 40(a)(ia) of the IT Act. The ITAT found that the assessee's actions were bonafide, with no deliberate attempt to conceal income, and no inaccurate particulars were furnished. Considering the technical nature of the disallowances, the penalty was deemed unjustified, leading to the dismissal of the Revenue's appeal and confirming the deletion of the penalty. Case-Laws Income Tax Tue, 13 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213489