https://www.taxtmi.com/caselaws?id=458055 ITAT Mumbai deleted penalties imposed under section 271(1)(c) for disallowance of interest expenditure under section 40(a)(ia) and delayed payment of professional tax/TDS. The tribunal held that mere disallowance of expenditure due to non-compliance with statutory requirements does not constitute furnishing inaccurate particulars. Since the genuineness of expenditure was never doubted and no particulars were found incorrect, penalty could not be imposed. The tribunal distinguished between claims not sustainable in law versus furnishing inaccurate particulars, ruling that unsuccessful legal claims alone cannot attract penalty provisions. en-us Wed, 31 Oct 2018 00:00:00 +0530 Sat, 05 Oct 2024 20:11:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458055 ITAT Mumbai deleted penalties imposed under section 271(1)(c) for disallowance of interest expenditure under section 40(a)(ia) and delayed payment of professional tax/TDS. The tribunal held that mere disallowance of expenditure due to non-compliance with statutory requirements does not constitute furnishing inaccurate particulars. Since the genuineness of expenditure was never doubted and no particulars were found incorrect, penalty could not be imposed. The tribunal distinguished between claims not sustainable in law versus furnishing inaccurate particulars, ruling that unsuccessful legal claims alone cannot attract penalty provisions. Case-Laws Income Tax Wed, 31 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458055