https://www.taxtmi.com/caselaws?id=267095 The Tribunal ruled in favor of the assessee, holding that the penalty under section 271(1)(c) for concealment of income was not justified as the original penalty proceedings were not related to the specific disallowance under section 14A. Additionally, the disallowance of legal charges under section 40A(2)(b) and section 14A was found to be debatable, leading to a genuine difference of opinion. As a result, the Tribunal directed the Assessing Officer to revoke the penalty of Rs. 7,06,738, thereby allowing the assessee's appeal. en-us Thu, 24 Sep 2015 00:00:00 +0530 Fri, 30 Oct 2015 06:31:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=267095 The Tribunal ruled in favor of the assessee, holding that the penalty under section 271(1)(c) for concealment of income was not justified as the original penalty proceedings were not related to the specific disallowance under section 14A. Additionally, the disallowance of legal charges under section 40A(2)(b) and section 14A was found to be debatable, leading to a genuine difference of opinion. As a result, the Tribunal directed the Assessing Officer to revoke the penalty of Rs. 7,06,738, thereby allowing the assessee's appeal. Case-Laws Income Tax Thu, 24 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=267095