https://www.taxtmi.com/caselaws?id=244435 The appeal was filed against the CIT(A) order for the assessment year 1998-99 regarding the disallowance of technical know-how expenditure under section 35AB and the penalty imposed under section 271(1)(c). The Tribunal found that the Assessee's treatment of the expenditure as revenue was genuine, and there was no concealment or furnishing of inaccurate particulars. Relying on legal precedents, the Tribunal held that incorrect claims do not warrant penalty under section 271(1)(c). Consequently, the penalty of Rs. 14,21,820 was deleted, and the Assessee's appeal was allowed on 21-02-2014. en-us Fri, 21 Feb 2014 00:00:00 +0530 Wed, 26 Feb 2014 08:18:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=244435 The appeal was filed against the CIT(A) order for the assessment year 1998-99 regarding the disallowance of technical know-how expenditure under section 35AB and the penalty imposed under section 271(1)(c). The Tribunal found that the Assessee's treatment of the expenditure as revenue was genuine, and there was no concealment or furnishing of inaccurate particulars. Relying on legal precedents, the Tribunal held that incorrect claims do not warrant penalty under section 271(1)(c). Consequently, the penalty of Rs. 14,21,820 was deleted, and the Assessee's appeal was allowed on 21-02-2014. Case-Laws Income Tax Fri, 21 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=244435