https://www.taxtmi.com/caselaws?id=176893 The ITAT canceled the penalty imposed under section 271(1)(c) for disallowance of legal expenses claimed by the assessee, holding that the claim was made in good faith and did not warrant a penalty. The ITAT emphasized that the disallowance of the expenses did not amount to furnishing inaccurate particulars of income. The decision was supported by the Supreme Court's principles in Reliance Petroproducts Ltd. The appeal by the assessee was allowed, and the penalty was canceled. en-us Fri, 15 Mar 2013 00:00:00 +0530 Sat, 02 Jan 2016 10:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176893 The ITAT canceled the penalty imposed under section 271(1)(c) for disallowance of legal expenses claimed by the assessee, holding that the claim was made in good faith and did not warrant a penalty. The ITAT emphasized that the disallowance of the expenses did not amount to furnishing inaccurate particulars of income. The decision was supported by the Supreme Court's principles in Reliance Petroproducts Ltd. The appeal by the assessee was allowed, and the penalty was canceled. Case-Laws Income Tax Fri, 15 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176893