https://www.taxtmi.com/caselaws?id=413731 The Tribunal ruled in favor of the assessee, holding that the penalty imposed under section 271(1)(c) for furnishing inaccurate particulars of income was not justified. The assessee, a state-owned public sector undertaking, rectified the error of accounting interest expenses twice before it was identified by the Assessing Officer. Citing relevant judicial precedents, the Tribunal emphasized that the mere disallowance of a claim does not automatically warrant a penalty. Consequently, the Tribunal directed the Assessing Officer to delete the penalty, ultimately allowing the appeal of the assessee. en-us Thu, 30 Sep 2021 00:00:00 +0530 Tue, 19 Oct 2021 08:23:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413731 The Tribunal ruled in favor of the assessee, holding that the penalty imposed under section 271(1)(c) for furnishing inaccurate particulars of income was not justified. The assessee, a state-owned public sector undertaking, rectified the error of accounting interest expenses twice before it was identified by the Assessing Officer. Citing relevant judicial precedents, the Tribunal emphasized that the mere disallowance of a claim does not automatically warrant a penalty. Consequently, the Tribunal directed the Assessing Officer to delete the penalty, ultimately allowing the appeal of the assessee. Case-Laws Income Tax Thu, 30 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413731