https://www.taxtmi.com/caselaws?id=441462 The penalty imposed for undercharging interest on a foreign currency loan to an associated enterprise was deleted as the quantum addition had been removed. The Tribunal upheld the deletion of penalty, noting the lack of evidence provided by the revenue to support their case. Additionally, the penalty for an excess claim made under section 35(2AB) of the Act was also deleted. The Tribunal found the claim to be bona fide and in compliance with the law, as the assessee had informed the Assessing Officer of the approved expenditure and accepted the disallowance without contest. The Tribunal dismissed the revenue's appeal, affirming the CIT(A)'s decision. en-us Thu, 27 Jul 2023 00:00:00 +0530 Tue, 08 Aug 2023 12:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441462 The penalty imposed for undercharging interest on a foreign currency loan to an associated enterprise was deleted as the quantum addition had been removed. The Tribunal upheld the deletion of penalty, noting the lack of evidence provided by the revenue to support their case. Additionally, the penalty for an excess claim made under section 35(2AB) of the Act was also deleted. The Tribunal found the claim to be bona fide and in compliance with the law, as the assessee had informed the Assessing Officer of the approved expenditure and accepted the disallowance without contest. The Tribunal dismissed the revenue's appeal, affirming the CIT(A)'s decision. Case-Laws Income Tax Thu, 27 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441462