https://www.taxtmi.com/caselaws?id=394801 The Tribunal condoned the delay in filing the appeal before it, despite not fully accepting the reasons provided by the assessee, to proceed with adjudicating the appeal on its merits. Regarding the penalty imposed under section 271(1)(c) of the Income Tax Act for disallowance of R&D expenditure, the Tribunal ruled in favor of the assessee, stating that the disallowance did not amount to concealment of income or furnishing inaccurate particulars. Consequently, the penalty imposed by the Assessing Officer was deleted, emphasizing that a genuine claim, even if disallowed, does not justify penalty imposition. en-us Tue, 18 Feb 2020 00:00:00 +0530 Sat, 25 Apr 2020 12:04:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394801 The Tribunal condoned the delay in filing the appeal before it, despite not fully accepting the reasons provided by the assessee, to proceed with adjudicating the appeal on its merits. Regarding the penalty imposed under section 271(1)(c) of the Income Tax Act for disallowance of R&D expenditure, the Tribunal ruled in favor of the assessee, stating that the disallowance did not amount to concealment of income or furnishing inaccurate particulars. Consequently, the penalty imposed by the Assessing Officer was deleted, emphasizing that a genuine claim, even if disallowed, does not justify penalty imposition. Case-Laws Income Tax Tue, 18 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394801