https://www.taxtmi.com/caselaws?id=397614 The Appellate Tribunal held that the penalty under section 271(1)(c) for concealment of income was not applicable in this case. The disallowance of expenses related to a loan against property for investment in real estate business did not constitute inaccurate income or concealment. Therefore, the penalty imposed by the Assessing Officer and upheld by the CIT(A) was deemed unsustainable, and the appeal of the assessee was allowed. en-us Mon, 04 May 2020 00:00:00 +0530 Mon, 24 Aug 2020 10:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397614 The Appellate Tribunal held that the penalty under section 271(1)(c) for concealment of income was not applicable in this case. The disallowance of expenses related to a loan against property for investment in real estate business did not constitute inaccurate income or concealment. Therefore, the penalty imposed by the Assessing Officer and upheld by the CIT(A) was deemed unsustainable, and the appeal of the assessee was allowed. Case-Laws Income Tax Mon, 04 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397614