https://www.taxtmi.com/caselaws?id=381590 The penalty imposed under section 271(1)(c) for disallowance of expenditure made on an estimated basis was deleted in the case for Assessment Year 2008-09. The CIT(A) and Tribunal both held that penalty cannot be imposed if the particulars supplied in the return are not found to be incorrect or false, as per the decision in CIT vs. Reliance Petro Products. The Tribunal affirmed the deletion of the penalty imposed by the Assessing Officer, emphasizing that penalty cannot be levied on estimated disallowance of expenses. en-us Wed, 12 Jun 2019 00:00:00 +0530 Fri, 14 Jun 2019 07:34:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=381590 The penalty imposed under section 271(1)(c) for disallowance of expenditure made on an estimated basis was deleted in the case for Assessment Year 2008-09. The CIT(A) and Tribunal both held that penalty cannot be imposed if the particulars supplied in the return are not found to be incorrect or false, as per the decision in CIT vs. Reliance Petro Products. The Tribunal affirmed the deletion of the penalty imposed by the Assessing Officer, emphasizing that penalty cannot be levied on estimated disallowance of expenses. Case-Laws Income Tax Wed, 12 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=381590