https://www.taxtmi.com/caselaws?id=329020 The Tribunal overturned the penalty imposed under section 271(1)(c) of the Income Tax Act on a Foreign Company for furnishing inaccurate income particulars. Despite initial rulings upholding the penalty, the Tribunal found the assessee had adequately substantiated expenses, including clarifying the American date format misinterpretation. The Tribunal emphasized the failure of authorities to consider substantial evidence and address procedural errors, leading to the annulment of the penalty and allowing the assessee's appeal. en-us Wed, 15 Jun 2016 00:00:00 +0530 Tue, 21 Jun 2016 11:31:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329020 The Tribunal overturned the penalty imposed under section 271(1)(c) of the Income Tax Act on a Foreign Company for furnishing inaccurate income particulars. Despite initial rulings upholding the penalty, the Tribunal found the assessee had adequately substantiated expenses, including clarifying the American date format misinterpretation. The Tribunal emphasized the failure of authorities to consider substantial evidence and address procedural errors, leading to the annulment of the penalty and allowing the assessee's appeal. Case-Laws Income Tax Wed, 15 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329020