https://www.taxtmi.com/caselaws?id=176578 The Appellate Tribunal ruled in favor of the assessee, overturning the penalty imposed under section 271(1)(c) of the Income Tax Act for non-deduction of TDS on interest expenses. The Tribunal found that the penalty was based on the disallowance of expenditure under section 40(a)(ia) and not on concealment of income. As there was no evidence of inaccurate particulars or concealment, the Tribunal concluded that the penalty was unjustified and ordered its deletion. The decision was rendered on March 4, 2015. en-us Wed, 04 Mar 2015 00:00:00 +0530 Thu, 24 Dec 2015 23:11:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176578 The Appellate Tribunal ruled in favor of the assessee, overturning the penalty imposed under section 271(1)(c) of the Income Tax Act for non-deduction of TDS on interest expenses. The Tribunal found that the penalty was based on the disallowance of expenditure under section 40(a)(ia) and not on concealment of income. As there was no evidence of inaccurate particulars or concealment, the Tribunal concluded that the penalty was unjustified and ordered its deletion. The decision was rendered on March 4, 2015. Case-Laws Income Tax Wed, 04 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176578