https://www.taxtmi.com/caselaws?id=249261 The Tribunal dismissed all four appeals by the Revenue against penalties imposed under S.271(1)(c) for disallowed interest claims, upholding the CIT(A)'s decision. The Tribunal emphasized that disallowance of a claim does not automatically imply concealment, citing the precedent set in Reliance Petro Products Ltd. It was noted that the disallowance was based on assumptions and did not involve disputed interest payments, hence no grounds existed for imposing penalties under S.271(1)(c). en-us Wed, 18 Jun 2014 00:00:00 +0530 Wed, 09 Jul 2014 11:38:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249261 The Tribunal dismissed all four appeals by the Revenue against penalties imposed under S.271(1)(c) for disallowed interest claims, upholding the CIT(A)'s decision. The Tribunal emphasized that disallowance of a claim does not automatically imply concealment, citing the precedent set in Reliance Petro Products Ltd. It was noted that the disallowance was based on assumptions and did not involve disputed interest payments, hence no grounds existed for imposing penalties under S.271(1)(c). Case-Laws Income Tax Wed, 18 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249261