https://www.taxtmi.com/caselaws?id=277960 The tribunal allowed the appeal, ruling that the penalty under section 271(1)(c) of the Income Tax Act was not justified. The penalty was imposed for the failure to deduct and deposit tax on certain expenses claimed by the assessee. The tribunal found that the penalty was not validly imposable as there was proper disclosure of expenses and no concealment of income. Citing legal precedents, the tribunal directed the assessing officer to delete the penalty, emphasizing the bona fide belief of the assessee regarding tax deductions. en-us Fri, 26 Feb 2016 00:00:00 +0530 Wed, 02 Jan 2019 10:58:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277960 The tribunal allowed the appeal, ruling that the penalty under section 271(1)(c) of the Income Tax Act was not justified. The penalty was imposed for the failure to deduct and deposit tax on certain expenses claimed by the assessee. The tribunal found that the penalty was not validly imposable as there was proper disclosure of expenses and no concealment of income. Citing legal precedents, the tribunal directed the assessing officer to delete the penalty, emphasizing the bona fide belief of the assessee regarding tax deductions. Case-Laws Income Tax Fri, 26 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277960