https://www.taxtmi.com/caselaws?id=169168 The Tribunal set aside the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961 on the pharmaceutical manufacturer Assessee for disallowance of deduction under section 80IA. The Tribunal found that the Assessee's increased taxable income was due to arbitrary expense allocation by the AO without concrete evidence, noting the lack of income concealment or furnishing inaccurate particulars. Emphasizing the absence of a valid rationale for the penalty imposition and considering the consistency in prior year adjustments without penalties, the Tribunal allowed the appeal and directed the AO to delete the penalty. en-us Wed, 20 Aug 2014 00:00:00 +0530 Mon, 06 Apr 2015 22:09:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=169168 The Tribunal set aside the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961 on the pharmaceutical manufacturer Assessee for disallowance of deduction under section 80IA. The Tribunal found that the Assessee's increased taxable income was due to arbitrary expense allocation by the AO without concrete evidence, noting the lack of income concealment or furnishing inaccurate particulars. Emphasizing the absence of a valid rationale for the penalty imposition and considering the consistency in prior year adjustments without penalties, the Tribunal allowed the appeal and directed the AO to delete the penalty. Case-Laws Income Tax Wed, 20 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=169168