https://www.taxtmi.com/caselaws?id=243831 The Tribunal dismissed the Revenue's appeal against the CIT(A)'s cancellation of penalties imposed under section 271(1)(c) for the assessment years 2005-2006 and 2004-2005. Despite some disallowances due to cash payments and voucher discrepancies, the Tribunal found insufficient evidence to support the imposition of penalties for non-genuine expenses. Emphasizing the Revenue's failure to prove deliberate concealment or inaccurate reporting by the assessee, the Tribunal upheld the cancellation of penalties, highlighting the importance of distinguishing between disallowances and penalties for concealment of income. en-us Fri, 07 Feb 2014 00:00:00 +0530 Tue, 11 Feb 2014 06:36:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=243831 The Tribunal dismissed the Revenue's appeal against the CIT(A)'s cancellation of penalties imposed under section 271(1)(c) for the assessment years 2005-2006 and 2004-2005. Despite some disallowances due to cash payments and voucher discrepancies, the Tribunal found insufficient evidence to support the imposition of penalties for non-genuine expenses. Emphasizing the Revenue's failure to prove deliberate concealment or inaccurate reporting by the assessee, the Tribunal upheld the cancellation of penalties, highlighting the importance of distinguishing between disallowances and penalties for concealment of income. Case-Laws Income Tax Fri, 07 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=243831