https://www.taxtmi.com/caselaws?id=273289 The Appellate Tribunal ITAT Mumbai allowed the appeal, directing the Assessing Officer to delete the penalties imposed under section 271(1)(c) of the IT Act for the assessment year 2010-11. The Tribunal found that the expenses in question were genuinely related to business purposes and that there was no concealment of income or furnishing of inaccurate particulars, as required for the imposition of penalties. The Tribunal emphasized that incorrect claims in law, not accepted by the revenue, do not automatically warrant penalties, leading to the decision to delete the penalties. en-us Thu, 10 Nov 2016 00:00:00 +0530 Fri, 15 Jun 2018 07:20:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273289 The Appellate Tribunal ITAT Mumbai allowed the appeal, directing the Assessing Officer to delete the penalties imposed under section 271(1)(c) of the IT Act for the assessment year 2010-11. The Tribunal found that the expenses in question were genuinely related to business purposes and that there was no concealment of income or furnishing of inaccurate particulars, as required for the imposition of penalties. The Tribunal emphasized that incorrect claims in law, not accepted by the revenue, do not automatically warrant penalties, leading to the decision to delete the penalties. Case-Laws Income Tax Thu, 10 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273289