https://www.taxtmi.com/caselaws?id=251735 The High Court upheld the Tribunal's decision to delete the penalty imposed on the assessee for disallowance of technical knowhow expenses under the Income Tax Act. The Court found that the correction made by the assessee during assessment proceedings regarding the claim did not amount to concealment of income or furnishing inaccurate particulars. As the correction was made in due course and the details were already disclosed to the authorities, the penalty was deemed unjustified. The Tax Appeal was dismissed, with the Court emphasizing that no substantial question of law arose from the case. en-us Mon, 08 Sep 2014 00:00:00 +0530 Fri, 26 Sep 2014 08:39:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=251735 The High Court upheld the Tribunal's decision to delete the penalty imposed on the assessee for disallowance of technical knowhow expenses under the Income Tax Act. The Court found that the correction made by the assessee during assessment proceedings regarding the claim did not amount to concealment of income or furnishing inaccurate particulars. As the correction was made in due course and the details were already disclosed to the authorities, the penalty was deemed unjustified. The Tax Appeal was dismissed, with the Court emphasizing that no substantial question of law arose from the case. Case-Laws Income Tax Mon, 08 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=251735