https://www.taxtmi.com/caselaws?id=177926 The Tribunal upheld the order of the CIT (A) canceling the penalty imposed under section 271(1)(c) by the Assessing Officer. The Tribunal found that the assessee had disclosed the claim of interest and provided explanations, with previous deductions being allowed and later restored. It emphasized that the disallowance of interest did not indicate concealment of income or inaccurate particulars. The Tribunal held that the Revenue failed to prove the falsity of the explanations offered by the assessee. Both the CIT (A) and the Tribunal concluded that imposing a penalty under section 271(1)(c) was not warranted, resulting in the appeal's dismissal. en-us Tue, 23 Oct 2007 00:00:00 +0530 Fri, 22 Jan 2016 10:00:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177926 The Tribunal upheld the order of the CIT (A) canceling the penalty imposed under section 271(1)(c) by the Assessing Officer. The Tribunal found that the assessee had disclosed the claim of interest and provided explanations, with previous deductions being allowed and later restored. It emphasized that the disallowance of interest did not indicate concealment of income or inaccurate particulars. The Tribunal held that the Revenue failed to prove the falsity of the explanations offered by the assessee. Both the CIT (A) and the Tribunal concluded that imposing a penalty under section 271(1)(c) was not warranted, resulting in the appeal's dismissal. Case-Laws Income Tax Tue, 23 Oct 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177926