https://www.taxtmi.com/caselaws?id=179589 The Tribunal dismissed the appeal, upholding the deletion of the penalty imposed under section 271(1)(c) of the Income-tax Act. It found that the penalty was not justified as the assessee had provided a bona fide explanation for claiming expenses against tax-free income, highlighting the disputable nature of the disallowance under section 14A. The Tribunal emphasized the absence of collusion and the genuine difference of opinion between the assessee and the authorities, ultimately concluding that the penalty levy was unwarranted in this case. en-us Fri, 29 Oct 2010 00:00:00 +0530 Mon, 21 Aug 2023 16:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179589 The Tribunal dismissed the appeal, upholding the deletion of the penalty imposed under section 271(1)(c) of the Income-tax Act. It found that the penalty was not justified as the assessee had provided a bona fide explanation for claiming expenses against tax-free income, highlighting the disputable nature of the disallowance under section 14A. The Tribunal emphasized the absence of collusion and the genuine difference of opinion between the assessee and the authorities, ultimately concluding that the penalty levy was unwarranted in this case. Case-Laws Income Tax Fri, 29 Oct 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179589