https://www.taxtmi.com/caselaws?id=386776 The Income Tax Appellate Tribunal set aside the penalty imposed on the respondent for claiming an expenditure not incurred to earn income in the relevant previous year. The Tribunal directed the Assessing Officer to delete the penalty of Rs. 1,19,31,643 imposed on the respondent for Assessment Year 2007-08. The Tribunal emphasized that making a claim, even if unsustainable, does not necessarily constitute furnishing inaccurate particulars of income under Section 271(1)(c) of the Income Tax Act, citing relevant legal precedent. The appeal challenging the Tribunal's decision was dismissed as it did not raise any substantial question of law. en-us Tue, 17 Sep 2019 00:00:00 +0530 Mon, 07 Oct 2019 22:19:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=386776 The Income Tax Appellate Tribunal set aside the penalty imposed on the respondent for claiming an expenditure not incurred to earn income in the relevant previous year. The Tribunal directed the Assessing Officer to delete the penalty of Rs. 1,19,31,643 imposed on the respondent for Assessment Year 2007-08. The Tribunal emphasized that making a claim, even if unsustainable, does not necessarily constitute furnishing inaccurate particulars of income under Section 271(1)(c) of the Income Tax Act, citing relevant legal precedent. The appeal challenging the Tribunal's decision was dismissed as it did not raise any substantial question of law. Case-Laws Income Tax Tue, 17 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=386776