https://www.taxtmi.com/caselaws?id=260569 The Tribunal upheld the CIT(A)'s decision to cancel the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. It emphasized that the AO's disallowance of expenses was due to a difference in interpretation rather than intentional concealment or furnishing inaccurate particulars of income. The Tribunal referenced legal precedents and highlighted the evolution of penalty imposition laws, ultimately dismissing the Revenue's appeal and affirming that the penalty deletion was justified in this case. en-us Fri, 05 Jun 2015 00:00:00 +0530 Wed, 17 Jun 2015 06:16:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260569 The Tribunal upheld the CIT(A)'s decision to cancel the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. It emphasized that the AO's disallowance of expenses was due to a difference in interpretation rather than intentional concealment or furnishing inaccurate particulars of income. The Tribunal referenced legal precedents and highlighted the evolution of penalty imposition laws, ultimately dismissing the Revenue's appeal and affirming that the penalty deletion was justified in this case. Case-Laws Income Tax Fri, 05 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260569