https://www.taxtmi.com/caselaws?id=404038 The ITAT ruled in favor of the assessee, overturning the penalty imposed under section 271(1)(c) of the Income Tax Act. The Tribunal found no concealment or furnishing of inaccurate particulars, determining that the dispute arose from a divergence in opinion regarding the treatment of deferred Revenue expenditure. The ITAT emphasized that a plausible claim made during assessment does not automatically warrant a penalty, thus allowing the appeal and concluding the penalty was unjustified. en-us Wed, 30 Dec 2020 00:00:00 +0530 Tue, 29 Oct 2024 15:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404038 The ITAT ruled in favor of the assessee, overturning the penalty imposed under section 271(1)(c) of the Income Tax Act. The Tribunal found no concealment or furnishing of inaccurate particulars, determining that the dispute arose from a divergence in opinion regarding the treatment of deferred Revenue expenditure. The ITAT emphasized that a plausible claim made during assessment does not automatically warrant a penalty, thus allowing the appeal and concluding the penalty was unjustified. Case-Laws Income Tax Wed, 30 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404038