https://www.taxtmi.com/caselaws?id=181211 The Tribunal allowed the appeal, setting aside the penalty imposed under Section 271(1)(c) of the IT Act, 1961. The appellant's genuine belief and explanation regarding interest paid against property income, coupled with the principle that a disallowance does not automatically result in a penalty, led to the Tribunal's decision in favor of the appellant. The Tribunal considered relevant case laws and reversed the First Appellate Authority's decision, emphasizing that discrepancies in claims should not invariably lead to penalty imposition. en-us Mon, 06 Apr 2015 00:00:00 +0530 Mon, 11 Apr 2016 10:15:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181211 The Tribunal allowed the appeal, setting aside the penalty imposed under Section 271(1)(c) of the IT Act, 1961. The appellant's genuine belief and explanation regarding interest paid against property income, coupled with the principle that a disallowance does not automatically result in a penalty, led to the Tribunal's decision in favor of the appellant. The Tribunal considered relevant case laws and reversed the First Appellate Authority's decision, emphasizing that discrepancies in claims should not invariably lead to penalty imposition. Case-Laws Income Tax Mon, 06 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181211