https://www.taxtmi.com/caselaws?id=411567 The Tribunal remitted the matter to the Assessing Officer for fresh assessment regarding the disallowance of expenses totaling Rs. 10.38 crore, allowing the assessee to produce necessary evidence. The Tribunal deemed the penalty of Rs. 10,000 under section 271(1)(b) unwarranted, citing reasonable cause for the failure to provide evidence due to circumstances beyond the assessee's control. The appeal was allowed, emphasizing the importance of proper documentation for expense claims and the consideration of reasonable cause in penalty imposition under the Income-tax Act, 1961. en-us Wed, 04 Aug 2021 00:00:00 +0530 Sat, 28 Aug 2021 16:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411567 The Tribunal remitted the matter to the Assessing Officer for fresh assessment regarding the disallowance of expenses totaling Rs. 10.38 crore, allowing the assessee to produce necessary evidence. The Tribunal deemed the penalty of Rs. 10,000 under section 271(1)(b) unwarranted, citing reasonable cause for the failure to provide evidence due to circumstances beyond the assessee's control. The appeal was allowed, emphasizing the importance of proper documentation for expense claims and the consideration of reasonable cause in penalty imposition under the Income-tax Act, 1961. Case-Laws Income Tax Wed, 04 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411567