https://www.taxtmi.com/caselaws?id=297765 The Supreme Court confirmed an agreement between parties in a tax dispute, preventing penalty proceedings under section 271(1)(c) of the Act. The High Court ruled in favor of the assessee, setting aside and deleting the penalty imposed by the CIT(A) due to an amicable settlement on the taxability of auction proceeds. Additionally, the penalty for claiming consultancy charges as revenue expenditure was deleted as the assessee had made full disclosure, with the Tribunal upholding the decision that the nature of the expenditure did not warrant a penalty. The judgment emphasized full disclosure and the nature of expenses in tax matters. en-us Mon, 12 Jan 2015 00:00:00 +0530 Wed, 22 Sep 2021 06:16:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297765 The Supreme Court confirmed an agreement between parties in a tax dispute, preventing penalty proceedings under section 271(1)(c) of the Act. The High Court ruled in favor of the assessee, setting aside and deleting the penalty imposed by the CIT(A) due to an amicable settlement on the taxability of auction proceeds. Additionally, the penalty for claiming consultancy charges as revenue expenditure was deleted as the assessee had made full disclosure, with the Tribunal upholding the decision that the nature of the expenditure did not warrant a penalty. The judgment emphasized full disclosure and the nature of expenses in tax matters. Case-Laws Income Tax Mon, 12 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297765