https://www.taxtmi.com/caselaws?id=256626 The Tribunal dismissed the Revenue's appeal and upheld the decision of canceling the penalty imposed under Section 271(1)(c). It was found that the company had disclosed all material facts and expenses without concealing income or furnishing inaccurate particulars. The Tribunal emphasized the debatable nature of the company's expenditure claims in its first year of operation, citing legal precedents to support the decision. The penalty imposition was deemed unjustified, and the company's position was upheld. en-us Fri, 10 Jan 2014 00:00:00 +0530 Tue, 17 Feb 2015 22:53:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256626 The Tribunal dismissed the Revenue's appeal and upheld the decision of canceling the penalty imposed under Section 271(1)(c). It was found that the company had disclosed all material facts and expenses without concealing income or furnishing inaccurate particulars. The Tribunal emphasized the debatable nature of the company's expenditure claims in its first year of operation, citing legal precedents to support the decision. The penalty imposition was deemed unjustified, and the company's position was upheld. Case-Laws Income Tax Fri, 10 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256626