https://www.taxtmi.com/caselaws?id=184400 The ITAT Delhi set aside the penalty orders, ruling in favor of the Assessee. The Tribunal found no concealment in delayed payments towards PF and ESI contributions and deemed the disallowance under section 14A inapplicable due to the timing of Rule 8D notification. Emphasizing penalties should not be imposed for technical breaches or bonafide beliefs, the Tribunal allowed the Assessee's appeal and deleted the penalty of &8377; 85,530 confirmed by the Ld. Commissioner of Income Tax (Appeals). en-us Fri, 07 Jan 2011 00:00:00 +0530 Thu, 07 Jul 2016 12:57:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=184400 The ITAT Delhi set aside the penalty orders, ruling in favor of the Assessee. The Tribunal found no concealment in delayed payments towards PF and ESI contributions and deemed the disallowance under section 14A inapplicable due to the timing of Rule 8D notification. Emphasizing penalties should not be imposed for technical breaches or bonafide beliefs, the Tribunal allowed the Assessee's appeal and deleted the penalty of &8377; 85,530 confirmed by the Ld. Commissioner of Income Tax (Appeals). Case-Laws Income Tax Fri, 07 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=184400