https://www.taxtmi.com/caselaws?id=410987 The Tribunal upheld the deletion of the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 2014-15. The penalty was set aside based on the appellant's disclosure of necessary details in a bona fide manner, which did not warrant penalty under section 271(1)(c). The appellant's status as a Government of India enterprise was considered, and the disallowances of expenditure claims were found not to constitute concealment or furnishing of inaccurate particulars of income. The legal grounds cited by the ld. CIT (A) for deleting the penalty were upheld, and the appeal by the Revenue was dismissed. en-us Fri, 13 Aug 2021 00:00:00 +0530 Sat, 14 Aug 2021 09:27:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410987 The Tribunal upheld the deletion of the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 2014-15. The penalty was set aside based on the appellant's disclosure of necessary details in a bona fide manner, which did not warrant penalty under section 271(1)(c). The appellant's status as a Government of India enterprise was considered, and the disallowances of expenditure claims were found not to constitute concealment or furnishing of inaccurate particulars of income. The legal grounds cited by the ld. CIT (A) for deleting the penalty were upheld, and the appeal by the Revenue was dismissed. Case-Laws Income Tax Fri, 13 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410987