https://www.taxtmi.com/caselaws?id=275547 The ITAT allowed the appeal, deleting penalties imposed on the assessee for excess claim of brought forward MAT credit and disallowance of expenses incurred on earning exempt income. The ITAT held that MAT credit is not income for penalty purposes and that there was no concealment of income in the disallowance of expenses case. en-us Thu, 23 Jul 2015 00:00:00 +0530 Thu, 14 May 2026 15:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=275547 The ITAT allowed the appeal, deleting penalties imposed on the assessee for excess claim of brought forward MAT credit and disallowance of expenses incurred on earning exempt income. The ITAT held that MAT credit is not income for penalty purposes and that there was no concealment of income in the disallowance of expenses case. Case-Laws Income Tax Thu, 23 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=275547