https://www.taxtmi.com/caselaws?id=200410 The Tribunal allowed the appeal filed by the assessee challenging the penalty imposed under section 271(1)(c) for furnishing inaccurate particulars of income related to provision for leave encashment and project expenses. The Tribunal held that the claim for provision for leave encashment was disallowed under sec. 43B of the Act, aligning with the Supreme Court's decision in a similar case. Additionally, it deemed project expenses as debatable, concluding that penalties do not apply to such contentious deductions. As a result, the penalty of Rs. 5,14,456 was revoked. en-us Wed, 05 Nov 2014 00:00:00 +0530 Wed, 28 Mar 2018 08:07:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=200410 The Tribunal allowed the appeal filed by the assessee challenging the penalty imposed under section 271(1)(c) for furnishing inaccurate particulars of income related to provision for leave encashment and project expenses. The Tribunal held that the claim for provision for leave encashment was disallowed under sec. 43B of the Act, aligning with the Supreme Court's decision in a similar case. Additionally, it deemed project expenses as debatable, concluding that penalties do not apply to such contentious deductions. As a result, the penalty of Rs. 5,14,456 was revoked. Case-Laws Income Tax Wed, 05 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=200410