https://www.taxtmi.com/caselaws?id=358284 The ITAT allowed the assessee's appeal and dismissed the revenue's appeal by deleting the penalty confirmed by the CIT(A) under Section 271(1)(c). The ITAT held that disallowing a claim does not warrant a penalty, citing the Supreme Court's judgment in CIT vs. Reliance Petroproducts Pvt. Ltd. The ITAT granted relief to the assessee, particularly regarding prior period expenses, noting the crystallization of expenses in the relevant year and the genuineness of the expenses. en-us Wed, 04 Apr 2018 00:00:00 +0530 Mon, 09 Apr 2018 07:46:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=358284 The ITAT allowed the assessee's appeal and dismissed the revenue's appeal by deleting the penalty confirmed by the CIT(A) under Section 271(1)(c). The ITAT held that disallowing a claim does not warrant a penalty, citing the Supreme Court's judgment in CIT vs. Reliance Petroproducts Pvt. Ltd. The ITAT granted relief to the assessee, particularly regarding prior period expenses, noting the crystallization of expenses in the relevant year and the genuineness of the expenses. Case-Laws Income Tax Wed, 04 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=358284