https://www.taxtmi.com/caselaws?id=260717 The Tribunal allowed the appeal filed by the apex marketing society in the cooperative sector, setting aside the penalty imposed under section 271(1)(c) for the assessment year 2008-09. The Tribunal held that the penalty was not sustainable as the disallowed provisions were not deductible expenses under the Income Tax Act, indicating potential concealment. Explanation 4(a) was found inapplicable as the additions made did not affect the declared loss or convert it into income. The Tribunal concluded that since the disclosed and assessed income were the same, the penalty under section 271(1)(c) was not justified. en-us Wed, 10 Jun 2015 00:00:00 +0530 Mon, 22 Jun 2015 06:26:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260717 The Tribunal allowed the appeal filed by the apex marketing society in the cooperative sector, setting aside the penalty imposed under section 271(1)(c) for the assessment year 2008-09. The Tribunal held that the penalty was not sustainable as the disallowed provisions were not deductible expenses under the Income Tax Act, indicating potential concealment. Explanation 4(a) was found inapplicable as the additions made did not affect the declared loss or convert it into income. The Tribunal concluded that since the disclosed and assessed income were the same, the penalty under section 271(1)(c) was not justified. Case-Laws Income Tax Wed, 10 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260717