https://www.taxtmi.com/caselaws?id=357318 The Tribunal ruled in favor of the assessee, deleting the penalties imposed under section 271(1)(c) of the IT Act for the assessment years 1997-98 and 2003-04. The penalty for the addition of Rs. 33,25,027/- in A.Y.1997-98 was deleted as the material's value for manufacturing activity differed from the invoice value, leading to potential double taxation. Additionally, the penalty for the disallowance of foreign travelling expenses in A.Y.2003-04 was overturned as the expenses were deemed genuine and solely for business purposes, supported by detailed evidence and submissions. en-us Mon, 19 Mar 2018 00:00:00 +0530 Wed, 21 Mar 2018 08:33:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=357318 The Tribunal ruled in favor of the assessee, deleting the penalties imposed under section 271(1)(c) of the IT Act for the assessment years 1997-98 and 2003-04. The penalty for the addition of Rs. 33,25,027/- in A.Y.1997-98 was deleted as the material's value for manufacturing activity differed from the invoice value, leading to potential double taxation. Additionally, the penalty for the disallowance of foreign travelling expenses in A.Y.2003-04 was overturned as the expenses were deemed genuine and solely for business purposes, supported by detailed evidence and submissions. Case-Laws Income Tax Mon, 19 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=357318