https://www.taxtmi.com/caselaws?id=346425 The Tribunal allowed the appeal by M/s. Perfect Homfin Pvt. Ltd., revoking the penalty of Rs. 1,81,800 imposed under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 2010-11. The Tribunal held that there were no inaccuracies in the income particulars furnished by the assessee, and the disallowance of expenses based on subjective findings was unsustainable. Emphasizing the necessity of concrete evidence to impose penalties, the Tribunal ruled in favor of the assessee, deleting the penalty in the interest of equity and the case's merits. en-us Tue, 08 Aug 2017 00:00:00 +0530 Sat, 12 Aug 2017 08:29:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=346425 The Tribunal allowed the appeal by M/s. Perfect Homfin Pvt. Ltd., revoking the penalty of Rs. 1,81,800 imposed under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 2010-11. The Tribunal held that there were no inaccuracies in the income particulars furnished by the assessee, and the disallowance of expenses based on subjective findings was unsustainable. Emphasizing the necessity of concrete evidence to impose penalties, the Tribunal ruled in favor of the assessee, deleting the penalty in the interest of equity and the case's merits. Case-Laws Income Tax Tue, 08 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=346425