https://www.taxtmi.com/caselaws?id=351659 The ITAT set aside the penalty imposed under section 271(1)(c) of the Income Tax Act on the apportionment of managerial remuneration between units of a lamp manufacturing company. The appellant's challenge against the penalty was successful as the ITAT deemed the disagreement on apportionment as not amounting to concealment of income. Citing relevant case laws, including a Supreme Court decision, the ITAT concluded that the penalty was unwarranted and directed the Assessing Officer to delete it. The appeal was partly allowed on 24th October 2017. en-us Tue, 24 Oct 2017 00:00:00 +0530 Mon, 12 Feb 2018 12:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=351659 The ITAT set aside the penalty imposed under section 271(1)(c) of the Income Tax Act on the apportionment of managerial remuneration between units of a lamp manufacturing company. The appellant's challenge against the penalty was successful as the ITAT deemed the disagreement on apportionment as not amounting to concealment of income. Citing relevant case laws, including a Supreme Court decision, the ITAT concluded that the penalty was unwarranted and directed the Assessing Officer to delete it. The appeal was partly allowed on 24th October 2017. Case-Laws Income Tax Tue, 24 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=351659