https://www.taxtmi.com/caselaws?id=325834 The Tribunal ruled in favor of the assessee, holding that the penalty levied under section 271(1)(c) of the Income-tax Act, 1961 was unjustified. The penalty on prior period expenditure, merger expense claim, advance write-off, and bad debt write-off was deleted as there was no evidence of concealment or furnishing inaccurate particulars. The Tribunal emphasized the lack of proof to support the penalty imposition, leading to the allowance of the appeal and deletion of the penalty on all contested items. en-us Fri, 19 Feb 2016 00:00:00 +0530 Wed, 30 Mar 2016 10:11:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=325834 The Tribunal ruled in favor of the assessee, holding that the penalty levied under section 271(1)(c) of the Income-tax Act, 1961 was unjustified. The penalty on prior period expenditure, merger expense claim, advance write-off, and bad debt write-off was deleted as there was no evidence of concealment or furnishing inaccurate particulars. The Tribunal emphasized the lack of proof to support the penalty imposition, leading to the allowance of the appeal and deletion of the penalty on all contested items. Case-Laws Income Tax Fri, 19 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=325834