https://www.taxtmi.com/caselaws?id=400517 The Tribunal found that the penalty imposed on the assessee under section 271(1)(c) of the Income Tax Act, 1961 for disallowance of interest expenses was not justified as there was no dishonest or malafide conduct. It concluded that the penalty was not maintainable in the absence of concealment of facts, directing the Assessing Officer to delete the penalty. As a result, the appeal of the assessee was allowed ex parte. en-us Mon, 12 Oct 2020 00:00:00 +0530 Mon, 09 Nov 2020 17:12:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400517 The Tribunal found that the penalty imposed on the assessee under section 271(1)(c) of the Income Tax Act, 1961 for disallowance of interest expenses was not justified as there was no dishonest or malafide conduct. It concluded that the penalty was not maintainable in the absence of concealment of facts, directing the Assessing Officer to delete the penalty. As a result, the appeal of the assessee was allowed ex parte. Case-Laws Income Tax Mon, 12 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400517