https://www.taxtmi.com/caselaws?id=386228 The ITAT upheld the penalty imposed under s. 271(1)(c) of the Income Tax Act for the assessment year 2010-11 due to lack of evidence to substantiate claimed expenses. Despite arguments that expenses were incurred for business purposes, the ITAT found the assessee failed to provide documentary evidence supporting the expenses. The ITAT affirmed the disallowance of expenses and penalty, emphasizing the necessity of substantiating claimed expenses and the repercussions of inadequate evidence in both quantum and penalty proceedings. en-us Fri, 02 Aug 2019 00:00:00 +0530 Wed, 25 Sep 2019 06:40:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=386228 The ITAT upheld the penalty imposed under s. 271(1)(c) of the Income Tax Act for the assessment year 2010-11 due to lack of evidence to substantiate claimed expenses. Despite arguments that expenses were incurred for business purposes, the ITAT found the assessee failed to provide documentary evidence supporting the expenses. The ITAT affirmed the disallowance of expenses and penalty, emphasizing the necessity of substantiating claimed expenses and the repercussions of inadequate evidence in both quantum and penalty proceedings. Case-Laws Income Tax Fri, 02 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=386228