https://www.taxtmi.com/caselaws?id=244209 The Tribunal allowed the appeal, canceling the penalty imposed under Section 271(1)(c) of the Income-tax Act, 1961. The penalty was levied due to the disallowance of expenses, but the Tribunal held that mere inclusion of unsustainable claims does not warrant penalty if details provided are not false. Relying on legal precedent, the Tribunal emphasized that inaccurate particulars must be proven for penalty imposition. The decision aligned with the court's ruling in CIT Vs. Reliance Petroproducts Pvt. Ltd., leading to a favorable outcome for the assessee on 20th December 2013. en-us Fri, 20 Dec 2013 00:00:00 +0530 Thu, 20 Feb 2014 10:36:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=244209 The Tribunal allowed the appeal, canceling the penalty imposed under Section 271(1)(c) of the Income-tax Act, 1961. The penalty was levied due to the disallowance of expenses, but the Tribunal held that mere inclusion of unsustainable claims does not warrant penalty if details provided are not false. Relying on legal precedent, the Tribunal emphasized that inaccurate particulars must be proven for penalty imposition. The decision aligned with the court's ruling in CIT Vs. Reliance Petroproducts Pvt. Ltd., leading to a favorable outcome for the assessee on 20th December 2013. Case-Laws Income Tax Fri, 20 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=244209