https://www.taxtmi.com/caselaws?id=330243 The Tribunal ruled that no penalty under section 271(1)(c) of the Income-tax Act, 1961 was justified for the disallowed interest amounts due to accurate disclosure of material facts by the appellant. However, the penalty was upheld for the difference in receipt disclosure, with the Assessing Officer directed to calculate the penalty at the rate of 100% of the tax sought to be evaded. The appeal was partly allowed, with the decision issued on 13.07.2016. en-us Wed, 13 Jul 2016 00:00:00 +0530 Thu, 21 Jul 2016 10:39:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330243 The Tribunal ruled that no penalty under section 271(1)(c) of the Income-tax Act, 1961 was justified for the disallowed interest amounts due to accurate disclosure of material facts by the appellant. However, the penalty was upheld for the difference in receipt disclosure, with the Assessing Officer directed to calculate the penalty at the rate of 100% of the tax sought to be evaded. The appeal was partly allowed, with the decision issued on 13.07.2016. Case-Laws Income Tax Wed, 13 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330243