https://www.taxtmi.com/caselaws?id=400071 The Tribunal ruled in favor of the assessee, holding that the penalties imposed under section 271(1)(c) of the Income Tax Act for disallowances related to the cost of raising loans treated as Deferred Revenue Expenditure and provision for Non-performing Assets were unjustified. The Tribunal found that the assessee's claims were made in good faith based on existing judicial precedents and RBI guidelines, not constituting inaccurate particulars of income or concealment. Consequently, the penalties were deleted, and the assessee's appeal was allowed. en-us Mon, 31 Aug 2020 00:00:00 +0530 Tue, 27 Oct 2020 12:33:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400071 The Tribunal ruled in favor of the assessee, holding that the penalties imposed under section 271(1)(c) of the Income Tax Act for disallowances related to the cost of raising loans treated as Deferred Revenue Expenditure and provision for Non-performing Assets were unjustified. The Tribunal found that the assessee's claims were made in good faith based on existing judicial precedents and RBI guidelines, not constituting inaccurate particulars of income or concealment. Consequently, the penalties were deleted, and the assessee's appeal was allowed. Case-Laws Income Tax Mon, 31 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400071