https://www.taxtmi.com/caselaws?id=249866 The Tribunal dismissed the revenue's appeals against penalty orders under section 271(1)(c) for the assessment years 2004-05, 2005-06, and 2006-07. It upheld the CIT(A)'s decision to delete the penalties, emphasizing that the disallowed expenses were due to a change in the head of income, not concealment. The Tribunal found the issue debatable and highlighted that the rejection of the claim did not imply inaccurate reporting of income. Relying on legal precedents, it concluded that the assessee had acted in good faith and disclosed all relevant income particulars, justifying the deletion of penalties despite the AO's differing assessment. en-us Fri, 18 Jul 2014 00:00:00 +0530 Sun, 27 Jul 2014 10:19:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249866 The Tribunal dismissed the revenue's appeals against penalty orders under section 271(1)(c) for the assessment years 2004-05, 2005-06, and 2006-07. It upheld the CIT(A)'s decision to delete the penalties, emphasizing that the disallowed expenses were due to a change in the head of income, not concealment. The Tribunal found the issue debatable and highlighted that the rejection of the claim did not imply inaccurate reporting of income. Relying on legal precedents, it concluded that the assessee had acted in good faith and disclosed all relevant income particulars, justifying the deletion of penalties despite the AO's differing assessment. Case-Laws Income Tax Fri, 18 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249866