https://www.taxtmi.com/caselaws?id=383914 The Tribunal allowed the appeal ex parte, finding no falsity in the particulars provided by the assessee regarding interest expenses. Relying on legal precedent, the Tribunal held that penalty under section 271(1)(c) was unwarranted as the assessee disclosed all relevant facts and supported the expenditure with evidence. The Tribunal directed the Assessing Officer to delete the penalty, emphasizing that disallowance of excess expenditure over income does not justify penal action if details were not inaccurate or misleading. en-us Wed, 31 Jul 2019 00:00:00 +0530 Fri, 02 Aug 2019 06:27:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=383914 The Tribunal allowed the appeal ex parte, finding no falsity in the particulars provided by the assessee regarding interest expenses. Relying on legal precedent, the Tribunal held that penalty under section 271(1)(c) was unwarranted as the assessee disclosed all relevant facts and supported the expenditure with evidence. The Tribunal directed the Assessing Officer to delete the penalty, emphasizing that disallowance of excess expenditure over income does not justify penal action if details were not inaccurate or misleading. Case-Laws Income Tax Wed, 31 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=383914