https://www.taxtmi.com/caselaws?id=248831 The appeals by two assessees challenging penalties under Section 271(1)(c) of the Income-tax Act for AY 2009-10 were allowed by the Tribunal. Despite disallowances under Section 14A, penalties were set aside as the mere disallowance did not justify penalties without evidence of concealment or inaccurate income particulars. The decision, pronounced on 6th June 2014, emphasized that penalties cannot be imposed solely based on disallowance computations under Rule 8D, following the precedent set in CIT Vs. Reliance Petroproducts Pvt. Ltd. en-us Fri, 06 Jun 2014 00:00:00 +0530 Thu, 26 Jun 2014 10:58:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=248831 The appeals by two assessees challenging penalties under Section 271(1)(c) of the Income-tax Act for AY 2009-10 were allowed by the Tribunal. Despite disallowances under Section 14A, penalties were set aside as the mere disallowance did not justify penalties without evidence of concealment or inaccurate income particulars. The decision, pronounced on 6th June 2014, emphasized that penalties cannot be imposed solely based on disallowance computations under Rule 8D, following the precedent set in CIT Vs. Reliance Petroproducts Pvt. Ltd. Case-Laws Income Tax Fri, 06 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=248831