https://www.taxtmi.com/caselaws?id=279357 The Tribunal, in a case concerning penalty under section 271(1)(c) of the Income Tax Act, 1961 on ad-hoc disallowances, ruled in favor of the assessee engaged in textile goods business. The Tribunal held that the penalty imposed by the Assessing Officer was unjustified as the disallowances were not found to be bogus and were supported by audited evidence. It was emphasized that incorrect claims do not necessarily amount to furnishing inaccurate particulars. Consequently, the penalty was deleted, and the assessee's appeal was allowed. The order was pronounced by the Appellate Tribunal ITAT Mumbai on 25th July 2012. en-us Wed, 25 Jul 2012 00:00:00 +0530 Thu, 14 Mar 2019 11:26:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279357 The Tribunal, in a case concerning penalty under section 271(1)(c) of the Income Tax Act, 1961 on ad-hoc disallowances, ruled in favor of the assessee engaged in textile goods business. The Tribunal held that the penalty imposed by the Assessing Officer was unjustified as the disallowances were not found to be bogus and were supported by audited evidence. It was emphasized that incorrect claims do not necessarily amount to furnishing inaccurate particulars. Consequently, the penalty was deleted, and the assessee's appeal was allowed. The order was pronounced by the Appellate Tribunal ITAT Mumbai on 25th July 2012. Case-Laws Income Tax Wed, 25 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279357