https://www.taxtmi.com/caselaws?id=380539 The Tribunal set aside the CIT(A)'s decision to uphold a penalty of Rs. 2,70,000 imposed under section 271(1)(c) of the Income Tax Act. The Tribunal ruled that since full details were disclosed and the disallowance was estimated, the penalty was unwarranted. It emphasized that the penalty should have been based on the excess interest claimed under section 24(b) rather than the total assessed income. The Tribunal directed the Assessing Officer to cancel the penalty, allowing the appellant's appeal. en-us Mon, 20 May 2019 00:00:00 +0530 Wed, 22 May 2019 12:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380539 The Tribunal set aside the CIT(A)'s decision to uphold a penalty of Rs. 2,70,000 imposed under section 271(1)(c) of the Income Tax Act. The Tribunal ruled that since full details were disclosed and the disallowance was estimated, the penalty was unwarranted. It emphasized that the penalty should have been based on the excess interest claimed under section 24(b) rather than the total assessed income. The Tribunal directed the Assessing Officer to cancel the penalty, allowing the appellant's appeal. Case-Laws Income Tax Mon, 20 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380539