https://www.taxtmi.com/caselaws?id=380696 The Tribunal allowed the appeal of the assessee, ruling that the penalty imposed under section 271(1)(c) of the Income Tax Act for concealment of income was unjustified. The Tribunal held that the treatment of Advertisement and Marketing Promotion (AMP) expenses as an international transaction was not sustainable based on previous judgments, leading to the deletion of the penalty. The decision emphasized the lack of specificity in the penalty notice and the inapplicability of certain explanations under the Act, ultimately resulting in the removal of the penalty. en-us Fri, 24 May 2019 00:00:00 +0530 Mon, 27 May 2019 07:23:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380696 The Tribunal allowed the appeal of the assessee, ruling that the penalty imposed under section 271(1)(c) of the Income Tax Act for concealment of income was unjustified. The Tribunal held that the treatment of Advertisement and Marketing Promotion (AMP) expenses as an international transaction was not sustainable based on previous judgments, leading to the deletion of the penalty. The decision emphasized the lack of specificity in the penalty notice and the inapplicability of certain explanations under the Act, ultimately resulting in the removal of the penalty. Case-Laws Income Tax Fri, 24 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380696