https://www.taxtmi.com/caselaws?id=216841 The ITAT allowed the appeal, ruling in favor of the appellant, holding that the penalty under section 271(1)(c) was unjustified. The ITAT found that the interest expenditure claim, though disallowed, was made in good faith without any intention to conceal income. Non-deduction of tax at source did not warrant penalty imposition as there was no deliberate attempt to provide inaccurate particulars of income. en-us Mon, 09 Jul 2012 00:00:00 +0530 Fri, 21 Sep 2012 17:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216841 The ITAT allowed the appeal, ruling in favor of the appellant, holding that the penalty under section 271(1)(c) was unjustified. The ITAT found that the interest expenditure claim, though disallowed, was made in good faith without any intention to conceal income. Non-deduction of tax at source did not warrant penalty imposition as there was no deliberate attempt to provide inaccurate particulars of income. Case-Laws Income Tax Mon, 09 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216841