https://www.taxtmi.com/caselaws?id=393998 The Tribunal overturned the penalty imposed under section 271(1)(c) of the Income Tax Act for the Assessment Year 2006-07. The penalty of Rs. 1,03,870 was deleted as there was no evidence of concealment or inaccurate reporting of income by the assessee. The Tribunal found the disallowance under section 14A to be based on estimates and not specific expenses, leading to the conclusion that the penalty was unjustified. Consequently, the appeal of the assessee was allowed, ruling in favor of the assessee. en-us Wed, 18 Mar 2020 00:00:00 +0530 Fri, 27 Mar 2020 11:07:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393998 The Tribunal overturned the penalty imposed under section 271(1)(c) of the Income Tax Act for the Assessment Year 2006-07. The penalty of Rs. 1,03,870 was deleted as there was no evidence of concealment or inaccurate reporting of income by the assessee. The Tribunal found the disallowance under section 14A to be based on estimates and not specific expenses, leading to the conclusion that the penalty was unjustified. Consequently, the appeal of the assessee was allowed, ruling in favor of the assessee. Case-Laws Income Tax Wed, 18 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393998