https://www.taxtmi.com/caselaws?id=338328 The Tribunal upheld the disallowance of foreign and inter city travel expenses claimed for business purposes, confirming the penalty under section 271(1)(c) of the Income Tax Act due to lack of evidence. However, the Tribunal deleted the penalty as the assessee disclosed the expenses and provided explanations, which the Revenue failed to disprove, emphasizing that unsatisfactory explanations do not establish concealment. The Tribunal highlighted that the mere disallowance of expenses does not automatically justify a penalty, stressing the importance of assessing the credibility of the assessee's explanations. en-us Mon, 21 Nov 2016 00:00:00 +0530 Wed, 01 Feb 2017 08:44:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338328 The Tribunal upheld the disallowance of foreign and inter city travel expenses claimed for business purposes, confirming the penalty under section 271(1)(c) of the Income Tax Act due to lack of evidence. However, the Tribunal deleted the penalty as the assessee disclosed the expenses and provided explanations, which the Revenue failed to disprove, emphasizing that unsatisfactory explanations do not establish concealment. The Tribunal highlighted that the mere disallowance of expenses does not automatically justify a penalty, stressing the importance of assessing the credibility of the assessee's explanations. Case-Laws Income Tax Mon, 21 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338328