https://www.taxtmi.com/caselaws?id=368954 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decision to delete the penalty under Section 271(1)(c) of the Income Tax Act. It was found that the expenses were legitimately incurred for business purposes and accurately reported. The disallowed expenses were considered essential for the company's existence and compliance, even in the absence of active business operations. The Tribunal emphasized the necessity of distinguishing between business cessation and lack of income in allowing fixed expenses, ultimately ruling in favor of the assessee. en-us Thu, 30 Aug 2018 00:00:00 +0530 Tue, 16 Oct 2018 17:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=368954 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decision to delete the penalty under Section 271(1)(c) of the Income Tax Act. It was found that the expenses were legitimately incurred for business purposes and accurately reported. The disallowed expenses were considered essential for the company's existence and compliance, even in the absence of active business operations. The Tribunal emphasized the necessity of distinguishing between business cessation and lack of income in allowing fixed expenses, ultimately ruling in favor of the assessee. Case-Laws Income Tax Thu, 30 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=368954