https://www.taxtmi.com/caselaws?id=356956 The tribunal allowed the appeals of the assessee, holding that the penalty under section 271(1)(c) was not justified. It was found that the disallowance of expenditure did not constitute concealment of income or furnishing inaccurate particulars. The tribunal emphasized that the AO disallowed more than what was admitted, indicating no concealment or inaccuracies. The judgment stressed the need to differentiate between expenditure disallowance and actual concealment or inaccuracies for penalty imposition under the Income Tax Act. en-us Fri, 19 Jan 2018 00:00:00 +0530 Thu, 15 Mar 2018 10:03:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=356956 The tribunal allowed the appeals of the assessee, holding that the penalty under section 271(1)(c) was not justified. It was found that the disallowance of expenditure did not constitute concealment of income or furnishing inaccurate particulars. The tribunal emphasized that the AO disallowed more than what was admitted, indicating no concealment or inaccuracies. The judgment stressed the need to differentiate between expenditure disallowance and actual concealment or inaccuracies for penalty imposition under the Income Tax Act. Case-Laws Income Tax Fri, 19 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=356956