https://www.taxtmi.com/caselaws?id=263933 The Tribunal ruled in favor of the assessee, deleting the penalty imposed under section 271(1)(c) of the Income Tax Act. The Tribunal found that the claim of preliminary expenses, which led to the penalty, was not incorrect or bogus as it was allowed in installments. Citing relevant case law, the Tribunal emphasized that a claim not accepted by the Assessing Officer does not automatically attract a penalty. Therefore, the penalty was deemed unjustified, and the Tribunal directed the Assessing Officer to delete the penalty imposed on the assessee. en-us Fri, 28 Aug 2015 00:00:00 +0530 Mon, 14 Sep 2015 06:57:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263933 The Tribunal ruled in favor of the assessee, deleting the penalty imposed under section 271(1)(c) of the Income Tax Act. The Tribunal found that the claim of preliminary expenses, which led to the penalty, was not incorrect or bogus as it was allowed in installments. Citing relevant case law, the Tribunal emphasized that a claim not accepted by the Assessing Officer does not automatically attract a penalty. Therefore, the penalty was deemed unjustified, and the Tribunal directed the Assessing Officer to delete the penalty imposed on the assessee. Case-Laws Income Tax Fri, 28 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263933