https://www.taxtmi.com/caselaws?id=373692 The tribunal upheld the CIT(A)'s decision to delete the penalty imposed under Section 271(1)(c) of the Income-tax Act, 1961, as the consent fees paid to SEBI were deemed allowable business expenditures and not penalties for infractions of law. The tribunal found that the payment was made to settle disputes and mitigate potential consequences, not as a penalty. Consequently, the penalty was considered unsustainable, and the Revenue's appeal was dismissed. en-us Wed, 16 Jan 2019 00:00:00 +0530 Fri, 18 Jan 2019 08:10:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373692 The tribunal upheld the CIT(A)'s decision to delete the penalty imposed under Section 271(1)(c) of the Income-tax Act, 1961, as the consent fees paid to SEBI were deemed allowable business expenditures and not penalties for infractions of law. The tribunal found that the payment was made to settle disputes and mitigate potential consequences, not as a penalty. Consequently, the penalty was considered unsustainable, and the Revenue's appeal was dismissed. Case-Laws Income Tax Wed, 16 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373692