https://www.taxtmi.com/caselaws?id=405621 The ITAT Delhi ruled in favor of the assessee, holding that the penalty imposed under section 271(1)(c) of the Income Tax Act for claiming a deduction of Rs. 10,00,000 and the disallowance of wealth-tax liability were unjustified. The decision emphasized that the claims were made in good faith, supported by relevant documents, and constituted genuine mistakes rather than intentional concealment of income. The ITAT Delhi found that differing opinions existed on the allowability of the claims, leading to the allowance of the assessee's appeal and the rejection of the penalty imposition. en-us Tue, 23 Mar 2021 00:00:00 +0530 Wed, 24 Mar 2021 09:08:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405621 The ITAT Delhi ruled in favor of the assessee, holding that the penalty imposed under section 271(1)(c) of the Income Tax Act for claiming a deduction of Rs. 10,00,000 and the disallowance of wealth-tax liability were unjustified. The decision emphasized that the claims were made in good faith, supported by relevant documents, and constituted genuine mistakes rather than intentional concealment of income. The ITAT Delhi found that differing opinions existed on the allowability of the claims, leading to the allowance of the assessee's appeal and the rejection of the penalty imposition. Case-Laws Income Tax Tue, 23 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405621