https://www.taxtmi.com/caselaws?id=234923 The Tribunal allowed the appeal, setting aside the penalty imposed under Section 271(1)(c) of the Income-tax Act, 1961. The Tribunal found that the failure to make disallowances under Section 43B was not mala fide, as the assessed loss remained significant even after disallowance. It was determined that the assessee had disclosed the payable amount, indicating no concealment or furnishing of inaccurate particulars. Citing legal precedents, including decisions in Reliance Petroproducts Pvt.Ltd. and PricewaterhouseCoopers Pvt.Ltd., the Tribunal concluded that the penalty was not warranted in this case. en-us Fri, 14 Jun 2013 00:00:00 +0530 Thu, 04 Jul 2013 06:24:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=234923 The Tribunal allowed the appeal, setting aside the penalty imposed under Section 271(1)(c) of the Income-tax Act, 1961. The Tribunal found that the failure to make disallowances under Section 43B was not mala fide, as the assessed loss remained significant even after disallowance. It was determined that the assessee had disclosed the payable amount, indicating no concealment or furnishing of inaccurate particulars. Citing legal precedents, including decisions in Reliance Petroproducts Pvt.Ltd. and PricewaterhouseCoopers Pvt.Ltd., the Tribunal concluded that the penalty was not warranted in this case. Case-Laws Income Tax Fri, 14 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=234923