https://www.taxtmi.com/caselaws?id=336964 The Appellate Tribunal allowed the appeal, finding that the penalty imposed under section 271(1)(c) of the Income Tax Act for Assessment Year 2005-06 was unjustified. The Tribunal held that the assessee's claim, although not sustainable, did not amount to furnishing inaccurate particulars regarding income. It was concluded that the expenses were claimed in a bona fide manner with no evidence of concealment. The penalty of 100% of the tax sought to be evaded on disallowed expenses was deleted, and the order was pronounced on 15th December 2016. en-us Thu, 15 Dec 2016 00:00:00 +0530 Sun, 01 Jan 2017 14:18:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=336964 The Appellate Tribunal allowed the appeal, finding that the penalty imposed under section 271(1)(c) of the Income Tax Act for Assessment Year 2005-06 was unjustified. The Tribunal held that the assessee's claim, although not sustainable, did not amount to furnishing inaccurate particulars regarding income. It was concluded that the expenses were claimed in a bona fide manner with no evidence of concealment. The penalty of 100% of the tax sought to be evaded on disallowed expenses was deleted, and the order was pronounced on 15th December 2016. Case-Laws Income Tax Thu, 15 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=336964