https://www.taxtmi.com/caselaws?id=329431 The Tribunal ruled in favor of the assessee, setting aside penalties imposed under section 271(1)(c) of the IT Act. The penalty on disallowance of Rs. 9,59,886 claimed as revenue expenditure was deemed unjustified as the expenditure was supported by a bona fide belief and plausible reasoning. Additionally, the penalty on disallowance of Rs. 93,552 for legal and professional charges was deleted due to lack of evidence disproving the genuineness of the expenses. The Tribunal emphasized that incorrect claims do not constitute inaccurate particulars if made in good faith and supported by evidence. en-us Wed, 01 Jun 2016 00:00:00 +0530 Fri, 01 Jul 2016 12:44:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329431 The Tribunal ruled in favor of the assessee, setting aside penalties imposed under section 271(1)(c) of the IT Act. The penalty on disallowance of Rs. 9,59,886 claimed as revenue expenditure was deemed unjustified as the expenditure was supported by a bona fide belief and plausible reasoning. Additionally, the penalty on disallowance of Rs. 93,552 for legal and professional charges was deleted due to lack of evidence disproving the genuineness of the expenses. The Tribunal emphasized that incorrect claims do not constitute inaccurate particulars if made in good faith and supported by evidence. Case-Laws Income Tax Wed, 01 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329431