https://www.taxtmi.com/caselaws?id=770086 The AT ruled that penalty under Section 270A cannot be automatically imposed solely based on disallowance of expenditure under Section 14A. The tribunal found no evidence of deliberate under-reporting or mis-reporting of income. The estimated disallowance of expenses does not equate to culpable conduct warranting penalty. The assessee's explanation regarding business expenses was deemed plausible, and the revenue failed to prove intentional suppression of facts. en-us Fri, 02 May 2025 00:00:00 +0530 Tue, 06 May 2025 09:58:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770086 The AT ruled that penalty under Section 270A cannot be automatically imposed solely based on disallowance of expenditure under Section 14A. The tribunal found no evidence of deliberate under-reporting or mis-reporting of income. The estimated disallowance of expenses does not equate to culpable conduct warranting penalty. The assessee's explanation regarding business expenses was deemed plausible, and the revenue failed to prove intentional suppression of facts. Case-Laws Income Tax Fri, 02 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770086