https://www.taxtmi.com/caselaws?id=328271 The Tribunal allowed the appeal of the company, canceling the penalty levied under section 271(1)(c) of the Income Tax Act 1961. It found that the disallowed expenditure was genuine and the dispute was regarding its allocation, not concealment of income. Emphasizing established legal principles, the Tribunal cited relevant case law to support its decision, highlighting that penalty proceedings should be clear and specific, leading to the cancellation of the penalty due to lack of clarity in the charge specified. en-us Mon, 25 Apr 2016 00:00:00 +0530 Tue, 31 May 2016 11:36:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328271 The Tribunal allowed the appeal of the company, canceling the penalty levied under section 271(1)(c) of the Income Tax Act 1961. It found that the disallowed expenditure was genuine and the dispute was regarding its allocation, not concealment of income. Emphasizing established legal principles, the Tribunal cited relevant case law to support its decision, highlighting that penalty proceedings should be clear and specific, leading to the cancellation of the penalty due to lack of clarity in the charge specified. Case-Laws Income Tax Mon, 25 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328271