https://www.taxtmi.com/caselaws?id=333023 The Tribunal held that penalty proceedings under Section 271(1)(c) were invalid due to procedural lapses by the appellant. Imposition of penalty on disallowed legal and professional charges and cost of investment written off was deemed unwarranted as there was full disclosure and no intent to conceal income. The authorities were found unjustified in imposing the penalty, leading to the appeal being allowed and the impugned order set aside on 24.08.2016. The Tribunal emphasized that mere disallowance of claims does not imply concealment when disclosure is complete. en-us Wed, 24 Aug 2016 00:00:00 +0530 Mon, 03 Oct 2016 00:08:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333023 The Tribunal held that penalty proceedings under Section 271(1)(c) were invalid due to procedural lapses by the appellant. Imposition of penalty on disallowed legal and professional charges and cost of investment written off was deemed unwarranted as there was full disclosure and no intent to conceal income. The authorities were found unjustified in imposing the penalty, leading to the appeal being allowed and the impugned order set aside on 24.08.2016. The Tribunal emphasized that mere disallowance of claims does not imply concealment when disclosure is complete. Case-Laws Income Tax Wed, 24 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333023