https://www.taxtmi.com/caselaws?id=386653 The Tribunal allowed the appeal filed by the assessee, concluding that the penalty imposed under Section 271(1)(c) of the Income Tax Act was not justified. The Tribunal held that the addition made under Section 41(1) of the Act was not legally sustainable as the liabilities in question did not represent any expense or allowance claimed earlier by the assessee. Therefore, the penalty was directed to be deleted. en-us Fri, 27 Sep 2019 00:00:00 +0530 Fri, 04 Oct 2019 11:26:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=386653 The Tribunal allowed the appeal filed by the assessee, concluding that the penalty imposed under Section 271(1)(c) of the Income Tax Act was not justified. The Tribunal held that the addition made under Section 41(1) of the Act was not legally sustainable as the liabilities in question did not represent any expense or allowance claimed earlier by the assessee. Therefore, the penalty was directed to be deleted. Case-Laws Income Tax Fri, 27 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=386653