https://www.taxtmi.com/caselaws?id=371912 The penalties imposed under section 271(1)(c) of the Income Tax Act for assessment years 2009-10 and 2011-12 were deleted by the Tribunal. The Tribunal found that the appellant's belief in the allowability of interest expenditure and the notional nature of the house property income did not meet the conditions for penalty imposition. The Tribunal concluded that there was no deliberate concealment or inaccurate reporting by the appellant, leading to the deletion of the penalties for both assessment years. en-us Fri, 30 Nov 2018 00:00:00 +0530 Fri, 14 Dec 2018 07:20:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=371912 The penalties imposed under section 271(1)(c) of the Income Tax Act for assessment years 2009-10 and 2011-12 were deleted by the Tribunal. The Tribunal found that the appellant's belief in the allowability of interest expenditure and the notional nature of the house property income did not meet the conditions for penalty imposition. The Tribunal concluded that there was no deliberate concealment or inaccurate reporting by the appellant, leading to the deletion of the penalties for both assessment years. Case-Laws Income Tax Fri, 30 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=371912