https://www.taxtmi.com/caselaws?id=268978 The Tribunal set aside the penalties imposed by the Assessing Officer and CIT(A) under section 271(1)(c) of the Income Tax Act for assessment years 2004-05 and 2006-07. The Tribunal held that the disallowance of expenditure claimed as export commission did not amount to furnishing inaccurate particulars of income, as the payments were made through cheques with tax deducted at source and past similar payments had been allowed. Therefore, the penalties were deemed unjustified, and the Tribunal directed the deletion of penalties for both assessment years. en-us Fri, 14 Aug 2015 00:00:00 +0530 Sat, 05 Dec 2015 11:06:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=268978 The Tribunal set aside the penalties imposed by the Assessing Officer and CIT(A) under section 271(1)(c) of the Income Tax Act for assessment years 2004-05 and 2006-07. The Tribunal held that the disallowance of expenditure claimed as export commission did not amount to furnishing inaccurate particulars of income, as the payments were made through cheques with tax deducted at source and past similar payments had been allowed. Therefore, the penalties were deemed unjustified, and the Tribunal directed the deletion of penalties for both assessment years. Case-Laws Income Tax Fri, 14 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=268978