https://www.taxtmi.com/caselaws?id=362209 The Tribunal upheld the CIT(A)'s decision to delete penalties on disallowances under sections 14A, 36(1)(iii) (interest expenditure), and 36(1)(iii) (processing fee and LC charges). The Tribunal found that no exempt income was earned by the assessee, rendering the disallowance under section 14A improper, thus no penalty for furnishing inaccurate particulars was warranted. Regarding the disallowance under section 36(1)(iii), the Tribunal agreed with the CIT(A) that the expenses were a matter of opinion on revenue versus capital expenditure, and no inaccurate particulars were provided. The Tribunal dismissed the Revenue's appeal, affirming the CIT(A)'s decisions in these matters. en-us Mon, 18 Jun 2018 00:00:00 +0530 Wed, 20 Jun 2018 18:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362209 The Tribunal upheld the CIT(A)'s decision to delete penalties on disallowances under sections 14A, 36(1)(iii) (interest expenditure), and 36(1)(iii) (processing fee and LC charges). The Tribunal found that no exempt income was earned by the assessee, rendering the disallowance under section 14A improper, thus no penalty for furnishing inaccurate particulars was warranted. Regarding the disallowance under section 36(1)(iii), the Tribunal agreed with the CIT(A) that the expenses were a matter of opinion on revenue versus capital expenditure, and no inaccurate particulars were provided. The Tribunal dismissed the Revenue's appeal, affirming the CIT(A)'s decisions in these matters. Case-Laws Income Tax Mon, 18 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362209