https://www.taxtmi.com/caselaws?id=199732 The ITAT upheld the CIT(A)'s decision to cancel the penalty imposed under section 271(1)(c) of the Income Tax Act for the assessment year 2006-07. The appellant successfully argued that the penalty should only apply to disallowances under section 40(a)(ia) and not the entire addition confirmed by the Tribunal. The ITAT agreed that the penalty was unjustified as the appellant did not willfully furnish inaccurate particulars of income. The decision was based on the appellant's legitimate and bonafide claim for deduction, leading to the cancellation of the penalty on 19th May 2015. en-us Tue, 19 May 2015 00:00:00 +0530 Fri, 09 Mar 2018 22:22:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=199732 The ITAT upheld the CIT(A)'s decision to cancel the penalty imposed under section 271(1)(c) of the Income Tax Act for the assessment year 2006-07. The appellant successfully argued that the penalty should only apply to disallowances under section 40(a)(ia) and not the entire addition confirmed by the Tribunal. The ITAT agreed that the penalty was unjustified as the appellant did not willfully furnish inaccurate particulars of income. The decision was based on the appellant's legitimate and bonafide claim for deduction, leading to the cancellation of the penalty on 19th May 2015. Case-Laws Income Tax Tue, 19 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=199732