https://www.taxtmi.com/caselaws?id=177077 The ITAT allowed both appeals, setting aside penalties imposed under section 271(1)(c) for assessment years 2004-05 and 2005-06. In the first instance, the ITAT held that the issue of capital vs. revenue expenses was debatable, and the assessee's actions did not amount to concealment or furnishing inaccurate particulars. The ITAT cited the Reliance Petroproducts case to support its decision. In the second instance, the ITAT found that the premature conclusion regarding the assessee's declaration of additional income without the survey was unjustified, leading to the cancellation of the penalty. en-us Fri, 28 Jan 2011 00:00:00 +0530 Sat, 02 Jan 2016 12:46:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177077 The ITAT allowed both appeals, setting aside penalties imposed under section 271(1)(c) for assessment years 2004-05 and 2005-06. In the first instance, the ITAT held that the issue of capital vs. revenue expenses was debatable, and the assessee's actions did not amount to concealment or furnishing inaccurate particulars. The ITAT cited the Reliance Petroproducts case to support its decision. In the second instance, the ITAT found that the premature conclusion regarding the assessee's declaration of additional income without the survey was unjustified, leading to the cancellation of the penalty. Case-Laws Income Tax Fri, 28 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177077