https://www.taxtmi.com/caselaws?id=329365 The ITAT upheld the deletion of a penalty of Rs. 35,10,826 under section 271(1)(c) by the CIT(A), citing the assessee's compliance post ITAT order and full disclosure in the Tax Audit Report. The ITAT dismissed the Revenue's appeal, noting no concealment of facts or inaccurate particulars. Additionally, the ITAT reinstated a prior period expenses addition of Rs. 67,31,919, despite initial deletion by the CIT(A), based on the ruling that penalty payments do not constitute commercial losses. The CIT(A)'s decision to delete the penalty was supported by references to relevant court decisions, leading to the dismissal of the penalty imposition by the AO. en-us Fri, 03 Jun 2016 00:00:00 +0530 Thu, 30 Jun 2016 11:11:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329365 The ITAT upheld the deletion of a penalty of Rs. 35,10,826 under section 271(1)(c) by the CIT(A), citing the assessee's compliance post ITAT order and full disclosure in the Tax Audit Report. The ITAT dismissed the Revenue's appeal, noting no concealment of facts or inaccurate particulars. Additionally, the ITAT reinstated a prior period expenses addition of Rs. 67,31,919, despite initial deletion by the CIT(A), based on the ruling that penalty payments do not constitute commercial losses. The CIT(A)'s decision to delete the penalty was supported by references to relevant court decisions, leading to the dismissal of the penalty imposition by the AO. Case-Laws Income Tax Fri, 03 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329365