https://www.taxtmi.com/caselaws?id=381010 The Tribunal allowed the appeal, setting aside the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961 for the assessment year 2008-09. The Tribunal found that the disallowance of 25% of the expenditure claimed by the assessee was ad-hoc and not based on verifiable evidence, as the genuineness of the expenditure was supported by the allowance of 75% by the Assessing Officer. There was no indication of inaccurate particulars of income being furnished, leading to the deletion of the penalty by the Tribunal. en-us Wed, 29 May 2019 00:00:00 +0530 Mon, 03 Jun 2019 09:40:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=381010 The Tribunal allowed the appeal, setting aside the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961 for the assessment year 2008-09. The Tribunal found that the disallowance of 25% of the expenditure claimed by the assessee was ad-hoc and not based on verifiable evidence, as the genuineness of the expenditure was supported by the allowance of 75% by the Assessing Officer. There was no indication of inaccurate particulars of income being furnished, leading to the deletion of the penalty by the Tribunal. Case-Laws Income Tax Wed, 29 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=381010