https://www.taxtmi.com/caselaws?id=366238 The Tribunal set aside the penalty levied under section 271(1)(c) of the Income Tax Act, finding that the penalty was not sustainable as the interest expenditure was genuine and the disallowance did not amount to concealment or furnishing inaccurate particulars of income. Additionally, the Tribunal noted that the penalty notice was vague and did not specify the exact charge, rendering it invalid. The Tribunal also ruled that the disallowance of interest expenditure under sections 36(1)(iii) and 14A was not justified, ultimately allowing the appeal by the assessee. en-us Thu, 23 Aug 2018 00:00:00 +0530 Fri, 31 Aug 2018 08:30:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=366238 The Tribunal set aside the penalty levied under section 271(1)(c) of the Income Tax Act, finding that the penalty was not sustainable as the interest expenditure was genuine and the disallowance did not amount to concealment or furnishing inaccurate particulars of income. Additionally, the Tribunal noted that the penalty notice was vague and did not specify the exact charge, rendering it invalid. The Tribunal also ruled that the disallowance of interest expenditure under sections 36(1)(iii) and 14A was not justified, ultimately allowing the appeal by the assessee. Case-Laws Income Tax Thu, 23 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=366238