https://www.taxtmi.com/caselaws?id=271587 The tribunal set aside penalties imposed under sec. 271(1)(c) of the Income-tax Act, 1961 for disallowed expenditure to a company. It held that penalties should only be imposed when there is clear evidence of concealment or furnishing inaccurate particulars, which was not conclusively proven in this case. The tribunal emphasized the importance of clear evidence of concealment to invoke penal provisions successfully, directing the Assessing Officer to delete the penalties for the respective assessment years. The appeals challenging the penalties were allowed, favoring the assessee in penal provisions. en-us Thu, 26 Nov 2015 00:00:00 +0530 Wed, 10 Feb 2016 08:13:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271587 The tribunal set aside penalties imposed under sec. 271(1)(c) of the Income-tax Act, 1961 for disallowed expenditure to a company. It held that penalties should only be imposed when there is clear evidence of concealment or furnishing inaccurate particulars, which was not conclusively proven in this case. The tribunal emphasized the importance of clear evidence of concealment to invoke penal provisions successfully, directing the Assessing Officer to delete the penalties for the respective assessment years. The appeals challenging the penalties were allowed, favoring the assessee in penal provisions. Case-Laws Income Tax Thu, 26 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271587