https://www.taxtmi.com/caselaws?id=242210 The Tribunal overturned the penalty imposed by the Assessing Officer under section 271(1)(c) for disallowance of expenses claimed under section 57 of the Income Tax Act. The Tribunal held that the mere rejection of expenditure claims does not automatically warrant a penalty, emphasizing the necessity of a direct nexus between expenses claimed and income earned. The appellant's appeal was allowed, and the penalty was deleted based on principles established by the Supreme Court, citing the decision in CIT vs. Reliance Petro Products Pvt. Ltd. en-us Fri, 08 Feb 2013 00:00:00 +0530 Sat, 09 Nov 2013 13:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=242210 The Tribunal overturned the penalty imposed by the Assessing Officer under section 271(1)(c) for disallowance of expenses claimed under section 57 of the Income Tax Act. The Tribunal held that the mere rejection of expenditure claims does not automatically warrant a penalty, emphasizing the necessity of a direct nexus between expenses claimed and income earned. The appellant's appeal was allowed, and the penalty was deleted based on principles established by the Supreme Court, citing the decision in CIT vs. Reliance Petro Products Pvt. Ltd. Case-Laws Income Tax Fri, 08 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=242210