https://www.taxtmi.com/caselaws?id=372287 The Tribunal allowed the appeal in favor of the assessee, setting aside the penalty imposed under section 271(1)(c) of the Income Tax Act for disallowance of foreign exchange loss claim and expenses. The Tribunal held that the disallowances made did not constitute concealment of income or furnishing inaccurate particulars of income, citing legal precedents to support its decision. The penalty was deleted based on the argument that mere disallowance of expenditure does not automatically attract a penalty, emphasizing the importance of justifying penalties based on the specific circumstances of each case. en-us Thu, 04 Oct 2018 00:00:00 +0530 Thu, 20 Dec 2018 08:16:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=372287 The Tribunal allowed the appeal in favor of the assessee, setting aside the penalty imposed under section 271(1)(c) of the Income Tax Act for disallowance of foreign exchange loss claim and expenses. The Tribunal held that the disallowances made did not constitute concealment of income or furnishing inaccurate particulars of income, citing legal precedents to support its decision. The penalty was deleted based on the argument that mere disallowance of expenditure does not automatically attract a penalty, emphasizing the importance of justifying penalties based on the specific circumstances of each case. Case-Laws Income Tax Thu, 04 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=372287