https://www.taxtmi.com/caselaws?id=392731 The ITAT upheld the Ld. CIT(A)'s decision to delete the penalty of Rs. 34,53,78,528/- imposed under Section 271(1)(c) of the Income Tax Act. The penalty was levied on disallowed expenses claimed by the assessee, but it was deleted as the assessee had disclosed all relevant facts without concealment or inaccurate particulars of income. The ITAT dismissed the Revenue's appeal, affirming that the penalty deletion was justified due to the assessee's full disclosure. en-us Tue, 18 Feb 2020 00:00:00 +0530 Mon, 24 Feb 2020 17:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392731 The ITAT upheld the Ld. CIT(A)'s decision to delete the penalty of Rs. 34,53,78,528/- imposed under Section 271(1)(c) of the Income Tax Act. The penalty was levied on disallowed expenses claimed by the assessee, but it was deleted as the assessee had disclosed all relevant facts without concealment or inaccurate particulars of income. The ITAT dismissed the Revenue's appeal, affirming that the penalty deletion was justified due to the assessee's full disclosure. Case-Laws Income Tax Tue, 18 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392731