https://www.taxtmi.com/caselaws?id=296994 The Tribunal upheld the cancellation of the penalty under section 271(1)(c) of the Income Tax Act for the assessment year 2001-02. The Revenue's appeal against the cancellation of penalty of Rs. 11,62,573 was dismissed. The Tribunal emphasized that the disallowances made were based on the interpretation of law and not on concealment of income or furnishing inaccurate particulars. The Tribunal found no justification to interfere with the CIT(A)'s order and upheld the cancellation of the penalty. en-us Fri, 16 Apr 2010 00:00:00 +0530 Sat, 14 Aug 2021 10:45:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=296994 The Tribunal upheld the cancellation of the penalty under section 271(1)(c) of the Income Tax Act for the assessment year 2001-02. The Revenue's appeal against the cancellation of penalty of Rs. 11,62,573 was dismissed. The Tribunal emphasized that the disallowances made were based on the interpretation of law and not on concealment of income or furnishing inaccurate particulars. The Tribunal found no justification to interfere with the CIT(A)'s order and upheld the cancellation of the penalty. Case-Laws Income Tax Fri, 16 Apr 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=296994