https://www.taxtmi.com/caselaws?id=429196 The Appellate Tribunal upheld the decision to delete penalties imposed under section 271(1)(c) of the Income Tax Act for Assessment Years 2013-14 and 2014-15. The Tribunal found that the Assessing Officer's estimations lacked a proper basis, and the classification of expenditure as capital or revenue was debatable. Emphasizing the adhoc nature of the disallowances and the tax-neutral impact on the assessee, the Tribunal ruled in favor of the assessee, dismissing the Revenue's appeals for both years. en-us Thu, 08 Sep 2022 00:00:00 +0530 Thu, 20 Oct 2022 08:17:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429196 The Appellate Tribunal upheld the decision to delete penalties imposed under section 271(1)(c) of the Income Tax Act for Assessment Years 2013-14 and 2014-15. The Tribunal found that the Assessing Officer's estimations lacked a proper basis, and the classification of expenditure as capital or revenue was debatable. Emphasizing the adhoc nature of the disallowances and the tax-neutral impact on the assessee, the Tribunal ruled in favor of the assessee, dismissing the Revenue's appeals for both years. Case-Laws Income Tax Thu, 08 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429196