https://www.taxtmi.com/caselaws?id=338241 The Tribunal upheld the penalty under section 271(1)(c) of the Income Tax Act for disallowance of interest expenses. Despite the appellant's arguments on genuine incurring of expenses and lack of malafide intent, the Tribunal found a direct connection between interest-bearing funds and interest-free loans, affirming the penalty imposed by the Commissioner of Income Tax (Appeals). The decision emphasizes the significance of accurate disclosure and adherence to accounting principles to avoid penalties in tax matters. en-us Fri, 21 Oct 2016 00:00:00 +0530 Mon, 30 Jan 2017 06:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338241 The Tribunal upheld the penalty under section 271(1)(c) of the Income Tax Act for disallowance of interest expenses. Despite the appellant's arguments on genuine incurring of expenses and lack of malafide intent, the Tribunal found a direct connection between interest-bearing funds and interest-free loans, affirming the penalty imposed by the Commissioner of Income Tax (Appeals). The decision emphasizes the significance of accurate disclosure and adherence to accounting principles to avoid penalties in tax matters. Case-Laws Income Tax Fri, 21 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338241