https://www.taxtmi.com/caselaws?id=332283 The Tribunal allowed the appeal of the assessee, setting aside the penalty imposed under section 271(1)(c) for the disallowance of certain expenditures related to brokerage and professional expenses claimed by the firm engaged in finance, investment, and real estate development. The Tribunal found that the disallowed expenses were incurred as a matter of commercial expediency and that there was no concealment of income as all material particulars were disclosed. The penalty was deemed unwarranted as the disallowed claims were a matter of interpretation rather than concealment. en-us Wed, 03 Aug 2016 00:00:00 +0530 Wed, 14 Sep 2016 13:23:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332283 The Tribunal allowed the appeal of the assessee, setting aside the penalty imposed under section 271(1)(c) for the disallowance of certain expenditures related to brokerage and professional expenses claimed by the firm engaged in finance, investment, and real estate development. The Tribunal found that the disallowed expenses were incurred as a matter of commercial expediency and that there was no concealment of income as all material particulars were disclosed. The penalty was deemed unwarranted as the disallowed claims were a matter of interpretation rather than concealment. Case-Laws Income Tax Wed, 03 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332283