https://www.taxtmi.com/caselaws?id=357643 The Tribunal allowed the appeal, setting aside the penalty imposed under section 271(l)(c) of the Income Tax Act. It emphasized that merely claiming an expenditure not accepted by the Revenue does not automatically lead to penalty, citing the importance of distinguishing between legitimate claims and deliberate concealment of income. The Tribunal also held that reopening assessment proceedings after a significant delay, in this case, more than six years, was not permitted by law, supporting the appellant's arguments. en-us Thu, 22 Mar 2018 00:00:00 +0530 Tue, 27 Mar 2018 09:22:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=357643 The Tribunal allowed the appeal, setting aside the penalty imposed under section 271(l)(c) of the Income Tax Act. It emphasized that merely claiming an expenditure not accepted by the Revenue does not automatically lead to penalty, citing the importance of distinguishing between legitimate claims and deliberate concealment of income. The Tribunal also held that reopening assessment proceedings after a significant delay, in this case, more than six years, was not permitted by law, supporting the appellant's arguments. Case-Laws Income Tax Thu, 22 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=357643