https://www.taxtmi.com/caselaws?id=424659 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed by the revenue under section 271(1)(c) of the Income Tax Act for additions/disallowances related to corporate guarantee fee and interest on foreign currency loans. The Tribunal found the assessee's claim for a scientific research deduction to be bonafide, leading to the conclusion that the penalty was unjustified. Consequently, the revenue's appeal against the penalty deletion was dismissed, and the assessee's cross objection regarding the donation disallowance was allowed. The penalty related to the donation was directed to be deleted. en-us Mon, 20 Jun 2022 00:00:00 +0530 Tue, 05 Jul 2022 20:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424659 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed by the revenue under section 271(1)(c) of the Income Tax Act for additions/disallowances related to corporate guarantee fee and interest on foreign currency loans. The Tribunal found the assessee's claim for a scientific research deduction to be bonafide, leading to the conclusion that the penalty was unjustified. Consequently, the revenue's appeal against the penalty deletion was dismissed, and the assessee's cross objection regarding the donation disallowance was allowed. The penalty related to the donation was directed to be deleted. Case-Laws Income Tax Mon, 20 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424659