https://www.taxtmi.com/caselaws?id=356169 The Tribunal directed the assessing officer to delete the penalties imposed on the appellant for sustaining expenditure disallowance on an estimate basis and confirming penalty on disallowance related to foreign travel. The Tribunal emphasized the importance of bona fide claims and lack of adverse material against the assessed, following legal precedents that penalties on estimation basis cannot be upheld when only a portion of the claim is disallowed. The appeal was allowed in favor of the appellant. en-us Wed, 21 Feb 2018 00:00:00 +0530 Mon, 26 Feb 2018 08:30:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=356169 The Tribunal directed the assessing officer to delete the penalties imposed on the appellant for sustaining expenditure disallowance on an estimate basis and confirming penalty on disallowance related to foreign travel. The Tribunal emphasized the importance of bona fide claims and lack of adverse material against the assessed, following legal precedents that penalties on estimation basis cannot be upheld when only a portion of the claim is disallowed. The appeal was allowed in favor of the appellant. Case-Laws Income Tax Wed, 21 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=356169