https://www.taxtmi.com/caselaws?id=283645 The Tribunal allowed the appeal of the assessee against the penalty imposed under section 271(1)(c) of the Income Tax Act. The Tribunal determined that the disallowance made under section 40A(2)(b) did not justify the imposition of a penalty as there was no concealment or furnishing of inaccurate particulars by the assessee. The Tribunal emphasized that the mere disallowance of expenses does not automatically attract a penalty if there is no concealment or inaccurate particulars provided. Consequently, the appeal was allowed in favor of the assessee. en-us Tue, 29 Mar 2011 00:00:00 +0530 Fri, 04 Oct 2019 11:37:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283645 The Tribunal allowed the appeal of the assessee against the penalty imposed under section 271(1)(c) of the Income Tax Act. The Tribunal determined that the disallowance made under section 40A(2)(b) did not justify the imposition of a penalty as there was no concealment or furnishing of inaccurate particulars by the assessee. The Tribunal emphasized that the mere disallowance of expenses does not automatically attract a penalty if there is no concealment or inaccurate particulars provided. Consequently, the appeal was allowed in favor of the assessee. Case-Laws Income Tax Tue, 29 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283645