https://www.taxtmi.com/caselaws?id=438643 The Tribunal overturned the penalty imposed under section 271(1)(c) by the Assessing Officer for disallowance of medical expenditure exceeding Rs. 20,000 under section 40A(3) of the Income Tax Act. The Tribunal found the expenditure genuine and properly recorded in the books, emphasizing that non-acceptance of a claim by revenue authorities alone does not warrant a penalty. Relying on the case law of Reliance Petroproducts (P) Ltd. vs. CIT, the Tribunal held that since the expenditure was disclosed and recorded, there was no concealment of income, leading to the deletion of the penalty. en-us Wed, 31 May 2023 00:00:00 +0530 Mon, 05 Jun 2023 18:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438643 The Tribunal overturned the penalty imposed under section 271(1)(c) by the Assessing Officer for disallowance of medical expenditure exceeding Rs. 20,000 under section 40A(3) of the Income Tax Act. The Tribunal found the expenditure genuine and properly recorded in the books, emphasizing that non-acceptance of a claim by revenue authorities alone does not warrant a penalty. Relying on the case law of Reliance Petroproducts (P) Ltd. vs. CIT, the Tribunal held that since the expenditure was disclosed and recorded, there was no concealment of income, leading to the deletion of the penalty. Case-Laws Income Tax Wed, 31 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438643