https://www.taxtmi.com/caselaws?id=283276 The Tribunal dismissed the Revenue's appeal against the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961 for the assessment year 2007-08. The penalty was related to disallowance of interest on diversion of interest-bearing funds to a sister concern. The Tribunal found that the assessee had provided complete particulars of income and expenditure, and the mere disallowance of interest did not justify the penalty under section 271(1)(c). Therefore, the appeal of the Revenue was dismissed by the Tribunal. en-us Thu, 28 Feb 2013 00:00:00 +0530 Tue, 17 Sep 2019 13:00:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283276 The Tribunal dismissed the Revenue's appeal against the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961 for the assessment year 2007-08. The penalty was related to disallowance of interest on diversion of interest-bearing funds to a sister concern. The Tribunal found that the assessee had provided complete particulars of income and expenditure, and the mere disallowance of interest did not justify the penalty under section 271(1)(c). Therefore, the appeal of the Revenue was dismissed by the Tribunal. Case-Laws Income Tax Thu, 28 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283276