https://www.taxtmi.com/caselaws?id=439237 The ITAT allowed the assessee's appeal for the assessment year 2009-10, setting aside the penalty imposed under section 271(1)(c) for disallowed expenditure on raising authorized share capital and capitalization of interest expenditure. For the assessment year 2010-11, the ITAT partly allowed the appeal, deleting the penalty related to interest expenditure but upholding the penalty for foreign traveling expenses due to insufficient substantiation provided by the assessee. en-us Fri, 16 Jun 2023 00:00:00 +0530 Mon, 19 Jun 2023 12:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439237 The ITAT allowed the assessee's appeal for the assessment year 2009-10, setting aside the penalty imposed under section 271(1)(c) for disallowed expenditure on raising authorized share capital and capitalization of interest expenditure. For the assessment year 2010-11, the ITAT partly allowed the appeal, deleting the penalty related to interest expenditure but upholding the penalty for foreign traveling expenses due to insufficient substantiation provided by the assessee. Case-Laws Income Tax Fri, 16 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439237