https://www.taxtmi.com/caselaws?id=246740 The ITAT reversed the lower authorities' decisions and deleted the penalty imposed under Section 271(1)(c) of the I.T. Act for the assessment year 2001-02. The ITAT found that no penalty was justified for the disallowance of payments to retiring directors as it had been previously deleted by the Tribunal. Additionally, the full disclosure of expenditure claimed as revenue expenditure for technical knowhow fees meant there was no concealment of facts, and the disallowance did not warrant a penalty. The appeal by the assessee was allowed, with the judgment pronounced on April 16, 2014. en-us Wed, 16 Apr 2014 00:00:00 +0530 Mon, 21 Apr 2014 09:53:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=246740 The ITAT reversed the lower authorities' decisions and deleted the penalty imposed under Section 271(1)(c) of the I.T. Act for the assessment year 2001-02. The ITAT found that no penalty was justified for the disallowance of payments to retiring directors as it had been previously deleted by the Tribunal. Additionally, the full disclosure of expenditure claimed as revenue expenditure for technical knowhow fees meant there was no concealment of facts, and the disallowance did not warrant a penalty. The appeal by the assessee was allowed, with the judgment pronounced on April 16, 2014. Case-Laws Income Tax Wed, 16 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=246740