https://www.taxtmi.com/caselaws?id=768751 The Tribunal examined penalties under Section 271(1)(c) of the Income Tax Act and found them unjustified. The court deleted penalties totaling Rs. 5,51,606/- based on Supreme Court precedent, ruling that mere disallowance of expenses does not constitute concealment. The Tribunal emphasized that penalties require clear evidence of deliberate tax misconduct, not just accounting adjustments. en-us Mon, 07 Apr 2025 00:00:00 +0530 Sat, 12 Apr 2025 14:40:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768751 The Tribunal examined penalties under Section 271(1)(c) of the Income Tax Act and found them unjustified. The court deleted penalties totaling Rs. 5,51,606/- based on Supreme Court precedent, ruling that mere disallowance of expenses does not constitute concealment. The Tribunal emphasized that penalties require clear evidence of deliberate tax misconduct, not just accounting adjustments. Case-Laws Income Tax Mon, 07 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768751