https://www.taxtmi.com/caselaws?id=328500 The Tribunal allowed the appeal, setting aside the penalty of Rs. 4,23,449 imposed under section 271(1)(c) of the Income Tax Act. The error in not adding back the exchange rate difference on loan repayment was deemed inadvertent, lacking malafide intent, and not constituting grounds for penalty as per the Act. en-us Fri, 29 Apr 2016 00:00:00 +0530 Fri, 03 Jun 2016 14:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328500 The Tribunal allowed the appeal, setting aside the penalty of Rs. 4,23,449 imposed under section 271(1)(c) of the Income Tax Act. The error in not adding back the exchange rate difference on loan repayment was deemed inadvertent, lacking malafide intent, and not constituting grounds for penalty as per the Act. Case-Laws Income Tax Fri, 29 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328500