https://www.taxtmi.com/caselaws?id=273786 The court ruled in favor of the assessee, overturning the Tribunal's decision and relieving the appellant from the imposed penalty under section 271(1)(c). The court found that the claimed expenditure, treated as capital expenditure instead of revenue expenditure, did not warrant the penalty as it did not constitute willful concealment of income. The burden of proof was emphasized to be on the assessee to demonstrate the nature of the expenditure, and the court held that the penalty was not justified in this case. en-us Tue, 16 May 2017 00:00:00 +0530 Sat, 14 Jul 2018 07:47:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273786 The court ruled in favor of the assessee, overturning the Tribunal's decision and relieving the appellant from the imposed penalty under section 271(1)(c). The court found that the claimed expenditure, treated as capital expenditure instead of revenue expenditure, did not warrant the penalty as it did not constitute willful concealment of income. The burden of proof was emphasized to be on the assessee to demonstrate the nature of the expenditure, and the court held that the penalty was not justified in this case. Case-Laws Income Tax Tue, 16 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273786