https://www.taxtmi.com/caselaws?id=180907 The Tribunal held that no penalty under section 271(1)(c) of the Income Tax Act was warranted as the assessee did not conceal income or furnish inaccurate particulars. The Tribunal found that the disallowance under section 40(a)(ia) was based on a genuine difference of opinion and that the assessee provided all relevant facts and a bona fide explanation. Consequently, the Commissioner's decision to reject the penalty imposition was affirmed, and the appeal by the Revenue was dismissed. en-us Fri, 13 May 2011 00:00:00 +0530 Mon, 04 Apr 2016 14:52:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180907 The Tribunal held that no penalty under section 271(1)(c) of the Income Tax Act was warranted as the assessee did not conceal income or furnish inaccurate particulars. The Tribunal found that the disallowance under section 40(a)(ia) was based on a genuine difference of opinion and that the assessee provided all relevant facts and a bona fide explanation. Consequently, the Commissioner's decision to reject the penalty imposition was affirmed, and the appeal by the Revenue was dismissed. Case-Laws Income Tax Fri, 13 May 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180907