https://www.taxtmi.com/caselaws?id=275502 The Gujarat High Court dismissed the Revenue's appeal against the deletion of penalty imposed on the assessee for claiming certain expenditure under section 37 without considering section 14A. The Court held that if there is no incorrect information or suppression of material, and the claim is only untenable due to a prohibition in the Act, penalty cannot be imposed. Imposing penalty for an untenable claim would discourage assessees from raising new questions. The appeal lacked merit and was dismissed. en-us Mon, 02 Apr 2012 00:00:00 +0530 Fri, 05 Oct 2018 10:45:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=275502 The Gujarat High Court dismissed the Revenue's appeal against the deletion of penalty imposed on the assessee for claiming certain expenditure under section 37 without considering section 14A. The Court held that if there is no incorrect information or suppression of material, and the claim is only untenable due to a prohibition in the Act, penalty cannot be imposed. Imposing penalty for an untenable claim would discourage assessees from raising new questions. The appeal lacked merit and was dismissed. Case-Laws Income Tax Mon, 02 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=275502