https://www.taxtmi.com/caselaws?id=255458 The Tribunal allowed the appeal, canceling the penalty imposed under Section 271(1)(c) of the Income Tax Act. The assessee's disclosure of all relevant facts and bonafide explanation for claimed expenditure led to the conclusion that inaccurate particulars of income were not furnished. The Tribunal emphasized that a mere disallowance of expenditure does not warrant a penalty. The jurisdictional objection raised belatedly was dismissed. The penalty was deemed unjustified, and the appeal was accepted in favor of the assessee, with the penalty being canceled. en-us Wed, 29 Oct 2014 00:00:00 +0530 Sat, 17 Jan 2015 11:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=255458 The Tribunal allowed the appeal, canceling the penalty imposed under Section 271(1)(c) of the Income Tax Act. The assessee's disclosure of all relevant facts and bonafide explanation for claimed expenditure led to the conclusion that inaccurate particulars of income were not furnished. The Tribunal emphasized that a mere disallowance of expenditure does not warrant a penalty. The jurisdictional objection raised belatedly was dismissed. The penalty was deemed unjustified, and the appeal was accepted in favor of the assessee, with the penalty being canceled. Case-Laws Income Tax Wed, 29 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=255458