https://www.taxtmi.com/caselaws?id=394024 The Tribunal allowed the Assessee's appeal, ruling that the penalty imposed under section 271(1)(c) of the Income Tax Act was not justified. The Tribunal found that the Assessee did not deliberately furnish inaccurate particulars of income, as evidenced by the disclosure in the tax audit report. Additionally, the Tribunal held that the expenses claimed were not mala fide or incorrect in law. Therefore, the Tribunal concluded that the penalty was unwarranted based on the facts and circumstances of the case. en-us Thu, 05 Mar 2020 00:00:00 +0530 Mon, 24 Aug 2020 12:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394024 The Tribunal allowed the Assessee's appeal, ruling that the penalty imposed under section 271(1)(c) of the Income Tax Act was not justified. The Tribunal found that the Assessee did not deliberately furnish inaccurate particulars of income, as evidenced by the disclosure in the tax audit report. Additionally, the Tribunal held that the expenses claimed were not mala fide or incorrect in law. Therefore, the Tribunal concluded that the penalty was unwarranted based on the facts and circumstances of the case. Case-Laws Income Tax Thu, 05 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394024