https://www.taxtmi.com/caselaws?id=406411 The ITAT allowed the appeal, setting aside the penalty imposed under section 271(1)(c) of the Income Tax Act. The disallowed interest expenses did not amount to furnishing inaccurate particulars of income, as per legal precedents cited, including the Supreme Court and Bombay High Court judgments. The ITAT's decision emphasized the necessity of establishing deliberate concealment or inaccuracies to warrant penalties under the Act. The appellant's appeal was successful, highlighting the significance of adhering to tax laws and precedents in penalty assessments. en-us Tue, 02 Mar 2021 00:00:00 +0530 Wed, 14 Apr 2021 08:47:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406411 The ITAT allowed the appeal, setting aside the penalty imposed under section 271(1)(c) of the Income Tax Act. The disallowed interest expenses did not amount to furnishing inaccurate particulars of income, as per legal precedents cited, including the Supreme Court and Bombay High Court judgments. The ITAT's decision emphasized the necessity of establishing deliberate concealment or inaccuracies to warrant penalties under the Act. The appellant's appeal was successful, highlighting the significance of adhering to tax laws and precedents in penalty assessments. Case-Laws Income Tax Tue, 02 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406411