https://www.taxtmi.com/caselaws?id=385724 The ITAT allowed the appeal, deleting the penalty imposed under section 271(1)(c) of the Income-tax Act. It found that the appellant had disclosed all relevant details regarding interest expenditure during assessment, claiming it in good faith. The ITAT emphasized that the penalty should not be automatic when a claim is not accepted by the Assessing Officer. As there was no intent to furnish inaccurate particulars of income and the explanations were deemed genuine, the penalty was deleted. The appellant's full disclosure and genuine explanations led to the favorable outcome of the appeal. en-us Thu, 18 Jul 2019 00:00:00 +0530 Thu, 12 Sep 2019 09:53:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=385724 The ITAT allowed the appeal, deleting the penalty imposed under section 271(1)(c) of the Income-tax Act. It found that the appellant had disclosed all relevant details regarding interest expenditure during assessment, claiming it in good faith. The ITAT emphasized that the penalty should not be automatic when a claim is not accepted by the Assessing Officer. As there was no intent to furnish inaccurate particulars of income and the explanations were deemed genuine, the penalty was deleted. The appellant's full disclosure and genuine explanations led to the favorable outcome of the appeal. Case-Laws Income Tax Thu, 18 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=385724