https://www.taxtmi.com/caselaws?id=335714 The High Court held that the penalty imposed under Section 271(1)(c) of the Income Tax Act was not justified. The court emphasized that the mere disallowance of an expenditure claim does not automatically imply concealment of income or inaccurate particulars, as required for a penalty under the Act. The court ruled in favor of the Applicant-Assessee, stating that the penalty imposition was unwarranted and disposed of the case without costs. en-us Fri, 25 Nov 2016 00:00:00 +0530 Wed, 07 Dec 2016 19:47:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335714 The High Court held that the penalty imposed under Section 271(1)(c) of the Income Tax Act was not justified. The court emphasized that the mere disallowance of an expenditure claim does not automatically imply concealment of income or inaccurate particulars, as required for a penalty under the Act. The court ruled in favor of the Applicant-Assessee, stating that the penalty imposition was unwarranted and disposed of the case without costs. Case-Laws Income Tax Fri, 25 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335714