https://www.taxtmi.com/caselaws?id=372609 The penalty under section 271(1)(c) of the IT Act for the assessment year 2013-14 was deleted as the disallowance under section 43B was deemed a technical issue of non-payment before the due date, not concealment or furnishing inaccurate particulars. The Tribunal held that since all relevant details were disclosed to the AO and the disallowance had no revenue effect, no penalty was warranted. The appeal of the assessee was allowed, and the penalty was dismissed based on Supreme Court precedent and findings that the disallowance was not a deliberate attempt to conceal income. en-us Wed, 01 Aug 2018 00:00:00 +0530 Wed, 26 Dec 2018 10:39:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=372609 The penalty under section 271(1)(c) of the IT Act for the assessment year 2013-14 was deleted as the disallowance under section 43B was deemed a technical issue of non-payment before the due date, not concealment or furnishing inaccurate particulars. The Tribunal held that since all relevant details were disclosed to the AO and the disallowance had no revenue effect, no penalty was warranted. The appeal of the assessee was allowed, and the penalty was dismissed based on Supreme Court precedent and findings that the disallowance was not a deliberate attempt to conceal income. Case-Laws Income Tax Wed, 01 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=372609