https://www.taxtmi.com/caselaws?id=359012 The Tribunal ruled in favor of the appellant, a joint venture company, in a case involving the disallowance of incorporation expenses claimed under the wrong section of the Income Tax Act. The Tribunal found that the appellant's claim was made under a bonafide belief and due to a mistaken impression, leading to a difference of opinion on the applicable section of the Act. The Tribunal concluded that the disallowance of expenses did not amount to concealment of income or furnishing inaccurate particulars. Additionally, the penalty notice issued did not meet the necessary requirements, resulting in the deletion of the penalty and allowing the appeal of the assessee. en-us Wed, 18 Apr 2018 00:00:00 +0530 Mon, 23 Apr 2018 07:07:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=359012 The Tribunal ruled in favor of the appellant, a joint venture company, in a case involving the disallowance of incorporation expenses claimed under the wrong section of the Income Tax Act. The Tribunal found that the appellant's claim was made under a bonafide belief and due to a mistaken impression, leading to a difference of opinion on the applicable section of the Act. The Tribunal concluded that the disallowance of expenses did not amount to concealment of income or furnishing inaccurate particulars. Additionally, the penalty notice issued did not meet the necessary requirements, resulting in the deletion of the penalty and allowing the appeal of the assessee. Case-Laws Income Tax Wed, 18 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=359012