https://www.taxtmi.com/caselaws?id=13442 The High Court upheld the deletion of penalty imposed under section 271(1)(c) of the Income-tax Act, 1961, on the respondent-assessee. The Court found that the assessee had not furnished incorrect particulars and had disclosed necessary details in the profit and loss account. The Commissioner of Income-tax (Appeals) and the Tribunal had correctly concluded that the expenses were genuine despite the failure to substantiate the claimed losses. The Court dismissed the appeal, affirming the decision to delete the penalty as legally justified, as the assessee had provided all relevant particulars. en-us Wed, 08 Mar 2006 00:00:00 +0530 Fri, 29 May 2009 10:05:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13442 The High Court upheld the deletion of penalty imposed under section 271(1)(c) of the Income-tax Act, 1961, on the respondent-assessee. The Court found that the assessee had not furnished incorrect particulars and had disclosed necessary details in the profit and loss account. The Commissioner of Income-tax (Appeals) and the Tribunal had correctly concluded that the expenses were genuine despite the failure to substantiate the claimed losses. The Court dismissed the appeal, affirming the decision to delete the penalty as legally justified, as the assessee had provided all relevant particulars. Case-Laws Income Tax Wed, 08 Mar 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13442