https://www.taxtmi.com/caselaws?id=350978 The tribunal found in favor of the assessee, ruling that no penalty under Section 271(1)(c) of the Income-tax Act was warranted. The explanation provided for the expenses was deemed bona fide, and the incurred expenses were considered genuine business expenses arising from extraordinary circumstances. Consequently, the penalty imposed by the Assessing Officer was deleted, as confirmed by the CIT(A), and the appeal of the assessee was allowed. en-us Tue, 14 Nov 2017 00:00:00 +0530 Thu, 16 Nov 2017 09:38:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=350978 The tribunal found in favor of the assessee, ruling that no penalty under Section 271(1)(c) of the Income-tax Act was warranted. The explanation provided for the expenses was deemed bona fide, and the incurred expenses were considered genuine business expenses arising from extraordinary circumstances. Consequently, the penalty imposed by the Assessing Officer was deleted, as confirmed by the CIT(A), and the appeal of the assessee was allowed. Case-Laws Income Tax Tue, 14 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=350978