https://www.taxtmi.com/caselaws?id=335909 The Tribunal allowed the appeal filed by the assessee for the assessment year 2009-10, finding the penalty under section 271(1)(c) of the Income Tax Act, 1961, unjustified due to inadequate identification and ascertainment of expenditure related to earning exempt income. The penalty of Rs. 1,59,130 imposed by the AO was deemed unsustainable and ordered to be deleted. The Tribunal highlighted the lack of proper analysis by the AO in disallowing expenditure under Rule 8D r.w.s. 14A, leading to the decision in favor of the assessee. en-us Tue, 18 Oct 2016 00:00:00 +0530 Mon, 12 Dec 2016 18:45:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335909 The Tribunal allowed the appeal filed by the assessee for the assessment year 2009-10, finding the penalty under section 271(1)(c) of the Income Tax Act, 1961, unjustified due to inadequate identification and ascertainment of expenditure related to earning exempt income. The penalty of Rs. 1,59,130 imposed by the AO was deemed unsustainable and ordered to be deleted. The Tribunal highlighted the lack of proper analysis by the AO in disallowing expenditure under Rule 8D r.w.s. 14A, leading to the decision in favor of the assessee. Case-Laws Income Tax Tue, 18 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335909