https://www.taxtmi.com/caselaws?id=387418 The penalty under section 271(1)(c) was deleted by the Tribunal as the disallowance under section 40(a)(ia) was rectified based on the recipient company paying taxes. The AO was directed to allow the proviso to section 40(a)(ia) if conditions were met, leading to the deletion of additions and acceptance of the returned income. As the basis for penalty levy was removed, the penalty was deemed deleted, and the Tribunal dismissed the Revenue's appeal, upholding the decision of the ld. CIT(A). The appeal was ultimately dismissed on 27/08/2019. en-us Tue, 27 Aug 2019 00:00:00 +0530 Wed, 23 Oct 2019 08:32:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=387418 The penalty under section 271(1)(c) was deleted by the Tribunal as the disallowance under section 40(a)(ia) was rectified based on the recipient company paying taxes. The AO was directed to allow the proviso to section 40(a)(ia) if conditions were met, leading to the deletion of additions and acceptance of the returned income. As the basis for penalty levy was removed, the penalty was deemed deleted, and the Tribunal dismissed the Revenue's appeal, upholding the decision of the ld. CIT(A). The appeal was ultimately dismissed on 27/08/2019. Case-Laws Income Tax Tue, 27 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=387418