https://www.taxtmi.com/caselaws?id=436214 The ITAT ruled in favor of the assessee and deleted the penalty imposed under section 271(1)(C) for the disallowance of expenditure in connection with QIP and deduction under section 80-IB for Assessment Year 2007-08. The judgment highlighted the significance of full disclosure of facts and differentiated between disallowance based on the nature of expenses and actual concealment of income. en-us Wed, 05 Apr 2023 00:00:00 +0530 Thu, 06 Apr 2023 15:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436214 The ITAT ruled in favor of the assessee and deleted the penalty imposed under section 271(1)(C) for the disallowance of expenditure in connection with QIP and deduction under section 80-IB for Assessment Year 2007-08. The judgment highlighted the significance of full disclosure of facts and differentiated between disallowance based on the nature of expenses and actual concealment of income. Case-Laws Income Tax Wed, 05 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436214