https://www.taxtmi.com/caselaws?id=376049 The Tribunal upheld the Commissioner of Income Tax (Appeals)' decision to delete the penalty under Section 271(1)(c) of the Income Tax Act, stating that the assessee made full disclosures and the disallowance of interest expenses was a debatable issue. The Revenue's appeal was dismissed, and the assessee's cross objection was deemed infructuous. It was concluded that there was no concealment of income or furnishing of inaccurate particulars, hence no penalty was levied under Section 271(1)(c). The order was pronounced on December 31, 2018. en-us Mon, 31 Dec 2018 00:00:00 +0530 Sat, 02 Mar 2019 13:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376049 The Tribunal upheld the Commissioner of Income Tax (Appeals)' decision to delete the penalty under Section 271(1)(c) of the Income Tax Act, stating that the assessee made full disclosures and the disallowance of interest expenses was a debatable issue. The Revenue's appeal was dismissed, and the assessee's cross objection was deemed infructuous. It was concluded that there was no concealment of income or furnishing of inaccurate particulars, hence no penalty was levied under Section 271(1)(c). The order was pronounced on December 31, 2018. Case-Laws Income Tax Mon, 31 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376049