https://www.taxtmi.com/caselaws?id=399440 The Tribunal dismissed the Revenue's appeal, affirming the deletion of penalties under section 271(1)(c) of the Income Tax Act. It upheld the removal of penalties for commission and professional expenses, as the quantum additions were previously deleted. The Tribunal emphasized that without quantum additions, penalties lack a foundation. Additionally, it referenced legal principles, noting that unsustainable claims do not equate to furnishing inaccurate particulars. The Tribunal found no evidence of inaccurate particulars for prior period expenses and foreign exchange loss, leading to the dismissal of penalties for these items. The decision was based on quantum appeal outcomes and established legal principles. en-us Thu, 08 Oct 2020 00:00:00 +0530 Thu, 07 Nov 2024 11:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399440 The Tribunal dismissed the Revenue's appeal, affirming the deletion of penalties under section 271(1)(c) of the Income Tax Act. It upheld the removal of penalties for commission and professional expenses, as the quantum additions were previously deleted. The Tribunal emphasized that without quantum additions, penalties lack a foundation. Additionally, it referenced legal principles, noting that unsustainable claims do not equate to furnishing inaccurate particulars. The Tribunal found no evidence of inaccurate particulars for prior period expenses and foreign exchange loss, leading to the dismissal of penalties for these items. The decision was based on quantum appeal outcomes and established legal principles. Case-Laws Income Tax Thu, 08 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399440