https://www.taxtmi.com/caselaws?id=337307 The Tribunal upheld the CIT(A)'s decision to delete the penalty under section 271(1)(c) of the IT Act, 1961 regarding the disallowance of interest expenses of Rs. 44,19,194. The Tribunal found that the claim made by the assessee for interest expenses was legitimate and made in good faith, not constituting concealment of income. Consequently, the Tribunal dismissed the Revenue's appeal against the deletion of the penalty by the CIT(A), emphasizing that the penalty was not warranted in this case. en-us Wed, 04 Jan 2017 00:00:00 +0530 Fri, 06 Jan 2017 13:42:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337307 The Tribunal upheld the CIT(A)'s decision to delete the penalty under section 271(1)(c) of the IT Act, 1961 regarding the disallowance of interest expenses of Rs. 44,19,194. The Tribunal found that the claim made by the assessee for interest expenses was legitimate and made in good faith, not constituting concealment of income. Consequently, the Tribunal dismissed the Revenue's appeal against the deletion of the penalty by the CIT(A), emphasizing that the penalty was not warranted in this case. Case-Laws Income Tax Wed, 04 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337307