https://www.taxtmi.com/caselaws?id=351665 The Tribunal set aside the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961, amounting to Rs. 4,52,648, due to a mere difference in opinion on the nature of expenditure. Emphasizing the absence of mala fide intent, the Tribunal ruled in favor of the assessee, highlighting that unsustainable claims do not equate to inaccurate reporting. The decision underscored the importance of bona fide claims and deterrence against baseless assertions, directing the deletion of the penalty and distinguishing between assessment and penalty proceedings. en-us Tue, 31 Oct 2017 00:00:00 +0530 Wed, 29 Nov 2017 07:44:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=351665 The Tribunal set aside the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961, amounting to Rs. 4,52,648, due to a mere difference in opinion on the nature of expenditure. Emphasizing the absence of mala fide intent, the Tribunal ruled in favor of the assessee, highlighting that unsustainable claims do not equate to inaccurate reporting. The decision underscored the importance of bona fide claims and deterrence against baseless assertions, directing the deletion of the penalty and distinguishing between assessment and penalty proceedings. Case-Laws Income Tax Tue, 31 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=351665