https://www.taxtmi.com/caselaws?id=281090 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed under section 271(1)(c) for the disallowance of interest expenses under section 40(a)(ia) of the Income Tax Act. It was held that the denial of the claim was a technical default and not an attempt to conceal income, thus not meeting the conditions for penalty imposition. The Tribunal dismissed the Revenue's appeal, affirming the CIT(A)'s order and emphasizing the importance of fulfilling specific criteria for penalty imposition. en-us Wed, 12 Apr 2017 00:00:00 +0530 Mon, 03 Jun 2019 20:13:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=281090 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed under section 271(1)(c) for the disallowance of interest expenses under section 40(a)(ia) of the Income Tax Act. It was held that the denial of the claim was a technical default and not an attempt to conceal income, thus not meeting the conditions for penalty imposition. The Tribunal dismissed the Revenue's appeal, affirming the CIT(A)'s order and emphasizing the importance of fulfilling specific criteria for penalty imposition. Case-Laws Income Tax Wed, 12 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=281090