https://www.taxtmi.com/caselaws?id=412054 The CIT(A) justified deleting the penalty under section 271(1)(c) imposed by the AO on disallowed interest expenses. The CIT(A) found the penalty unjustified as the assessee had disclosed all relevant information in the return. The Tribunal upheld the CIT(A)'s decision and quashed the penalty order due to lack of a valid notice specifying the reasons for the penalty, following the principle of natural justice. Consequently, the Revenue's appeal was deemed infructuous, and the penalty was not considered on its merits. en-us Fri, 03 Sep 2021 00:00:00 +0530 Thu, 09 Sep 2021 08:19:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412054 The CIT(A) justified deleting the penalty under section 271(1)(c) imposed by the AO on disallowed interest expenses. The CIT(A) found the penalty unjustified as the assessee had disclosed all relevant information in the return. The Tribunal upheld the CIT(A)'s decision and quashed the penalty order due to lack of a valid notice specifying the reasons for the penalty, following the principle of natural justice. Consequently, the Revenue's appeal was deemed infructuous, and the penalty was not considered on its merits. Case-Laws Income Tax Fri, 03 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412054