https://www.taxtmi.com/caselaws?id=332176 The Tribunal upheld the deletion of the penalty under Section 271(1)(c) of the Income Tax Act, except for non-allowable expenses like donations and higher depreciation claims. It emphasized the necessity of specifying the default nature in penalty proceedings and acknowledged the ambiguity surrounding Section 40(a)(ia) during the relevant period. The Tribunal supported the deletion of penalties related to contingent liability and car hire charges, highlighting that these actions did not constitute deliberate concealment or furnishing of inaccurate particulars. en-us Tue, 31 May 2016 00:00:00 +0530 Mon, 12 Sep 2016 17:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332176 The Tribunal upheld the deletion of the penalty under Section 271(1)(c) of the Income Tax Act, except for non-allowable expenses like donations and higher depreciation claims. It emphasized the necessity of specifying the default nature in penalty proceedings and acknowledged the ambiguity surrounding Section 40(a)(ia) during the relevant period. The Tribunal supported the deletion of penalties related to contingent liability and car hire charges, highlighting that these actions did not constitute deliberate concealment or furnishing of inaccurate particulars. Case-Laws Income Tax Tue, 31 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332176