https://www.taxtmi.com/caselaws?id=194771 The Tribunal upheld the decision of the Ld. CIT(A) to delete the penalty imposed under section 271(1)(c) of the Income Tax Act on the assessee. It was found that the prior period expenses were genuine and claimed in good faith as business expenses, without any intention to conceal income. The Tribunal emphasized that there was no deliberate furnishing of inaccurate particulars by the assessee and referenced relevant case law to support their position. Consequently, the Tribunal dismissed the Revenue's appeal, affirming the deletion of the penalty. en-us Thu, 12 Feb 2015 00:00:00 +0530 Tue, 26 Sep 2017 10:35:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=194771 The Tribunal upheld the decision of the Ld. CIT(A) to delete the penalty imposed under section 271(1)(c) of the Income Tax Act on the assessee. It was found that the prior period expenses were genuine and claimed in good faith as business expenses, without any intention to conceal income. The Tribunal emphasized that there was no deliberate furnishing of inaccurate particulars by the assessee and referenced relevant case law to support their position. Consequently, the Tribunal dismissed the Revenue's appeal, affirming the deletion of the penalty. Case-Laws Income Tax Thu, 12 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=194771