https://www.taxtmi.com/caselaws?id=281273 The Revenue's appeals against the deletion of penalties under Section 271(1)(c) of the IT Act for A.Y. 2005-06 and 2006-07, relating to disallowance u/s 35(2AB), were dismissed. The assessee's failure to produce the prescribed certificate u/s 35(2AB) during assessment led to the penalties, but the CIT(A) and Tribunal ruled in favor of the assessee based on voluntary disclosure and tax payment, preventing penalty imposition. The Tribunal upheld the decisions for both assessment years. In A.Y. 2004-05, a similar situation occurred, with the Tribunal also dismissing the Revenue's appeal regarding the disallowed deduction under u/s 35(2AB). en-us Fri, 23 Aug 2013 00:00:00 +0530 Tue, 11 Jun 2019 16:06:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=281273 The Revenue's appeals against the deletion of penalties under Section 271(1)(c) of the IT Act for A.Y. 2005-06 and 2006-07, relating to disallowance u/s 35(2AB), were dismissed. The assessee's failure to produce the prescribed certificate u/s 35(2AB) during assessment led to the penalties, but the CIT(A) and Tribunal ruled in favor of the assessee based on voluntary disclosure and tax payment, preventing penalty imposition. The Tribunal upheld the decisions for both assessment years. In A.Y. 2004-05, a similar situation occurred, with the Tribunal also dismissing the Revenue's appeal regarding the disallowed deduction under u/s 35(2AB). Case-Laws Income Tax Fri, 23 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=281273