https://www.taxtmi.com/caselaws?id=280384 The Tribunal set aside the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 for disallowance of expenses, ruling in favor of the assessee. The Tribunal emphasized that penalties should not be imposed solely on disallowances if the expenses were genuinely claimed and not fraudulent. The decision highlighted the importance of distinguishing between genuine claims and fraudulent activities to prevent unjust penalties. en-us Thu, 26 Jul 2018 00:00:00 +0530 Fri, 03 May 2019 08:55:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=280384 The Tribunal set aside the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 for disallowance of expenses, ruling in favor of the assessee. The Tribunal emphasized that penalties should not be imposed solely on disallowances if the expenses were genuinely claimed and not fraudulent. The decision highlighted the importance of distinguishing between genuine claims and fraudulent activities to prevent unjust penalties. Case-Laws Income Tax Thu, 26 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=280384