https://www.taxtmi.com/caselaws?id=338014 The ITAT upheld the CIT(A)'s decision, ruling in favor of the assessee. The penalties imposed under Section 271(1)(c) of the Income Tax Act were deleted as the assessee had not concealed income or furnished inaccurate details. The appeals by the revenue were dismissed, emphasizing that divergent views on claim allowability do not warrant penalty imposition, in line with the Supreme Court's interpretation in CIT vs. Reliance Petroproducts (P.) Ltd. en-us Wed, 18 Jan 2017 00:00:00 +0530 Mon, 23 Jan 2017 08:55:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338014 The ITAT upheld the CIT(A)'s decision, ruling in favor of the assessee. The penalties imposed under Section 271(1)(c) of the Income Tax Act were deleted as the assessee had not concealed income or furnished inaccurate details. The appeals by the revenue were dismissed, emphasizing that divergent views on claim allowability do not warrant penalty imposition, in line with the Supreme Court's interpretation in CIT vs. Reliance Petroproducts (P.) Ltd. Case-Laws Income Tax Wed, 18 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338014