https://www.taxtmi.com/caselaws?id=242677 The Tribunal dismissed the Revenue's appeal on disallowance under sections 40(a)(ia) and 14A, emphasizing genuine expenses and no penalty for technical errors. Regarding penalty on liquidated damages, the Tribunal found the explanation bonafide, leading to deletion of penalty based on relevant case laws. The appeal of the assessee was allowed, highlighting the significance of bonafide explanations and minor errors in tax assessments. en-us Fri, 28 Jun 2013 00:00:00 +0530 Sun, 19 Jan 2014 09:47:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=242677 The Tribunal dismissed the Revenue's appeal on disallowance under sections 40(a)(ia) and 14A, emphasizing genuine expenses and no penalty for technical errors. Regarding penalty on liquidated damages, the Tribunal found the explanation bonafide, leading to deletion of penalty based on relevant case laws. The appeal of the assessee was allowed, highlighting the significance of bonafide explanations and minor errors in tax assessments. Case-Laws Income Tax Fri, 28 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=242677