https://www.taxtmi.com/caselaws?id=191505 The Tribunal canceled the penalty of Rs. 3,72,177 imposed under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 2008-09 on the assessee for disallowance of expenditure claimed as revenue expenditure. The Tribunal held that the disallowance of the expenditure did not warrant the imposition of a penalty as there was no finding that the details provided by the assessee were incorrect or false, following the legal principle established in the case law of CIT Vs. Reliance Petroproducts Pvt. Ltd. en-us Fri, 13 May 2016 00:00:00 +0530 Thu, 06 Apr 2017 10:02:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191505 The Tribunal canceled the penalty of Rs. 3,72,177 imposed under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 2008-09 on the assessee for disallowance of expenditure claimed as revenue expenditure. The Tribunal held that the disallowance of the expenditure did not warrant the imposition of a penalty as there was no finding that the details provided by the assessee were incorrect or false, following the legal principle established in the case law of CIT Vs. Reliance Petroproducts Pvt. Ltd. Case-Laws Income Tax Fri, 13 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191505