https://www.taxtmi.com/caselaws?id=775858 The ITAT Bangalore upheld the CIT(A)'s order deleting the penalty under section 271(1)(c) imposed on the assessee for claiming interest payment as revenue expenditure. The AO treated the interest as capital expenditure and levied the penalty for denying the assessee's claim. The tribunal held that mere denial of a claim on the nature of expenditure does not amount to furnishing inaccurate particulars, thus penalty was not justified. Reliance was placed on the SC ruling that no penalty can be levied for claims denied by the revenue. The appeal by the AO was dismissed, confirming the penalty deletion in favor of the assessee. en-us Wed, 30 Jul 2025 00:00:00 +0530 Fri, 01 Aug 2025 08:15:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775858 The ITAT Bangalore upheld the CIT(A)'s order deleting the penalty under section 271(1)(c) imposed on the assessee for claiming interest payment as revenue expenditure. The AO treated the interest as capital expenditure and levied the penalty for denying the assessee's claim. The tribunal held that mere denial of a claim on the nature of expenditure does not amount to furnishing inaccurate particulars, thus penalty was not justified. Reliance was placed on the SC ruling that no penalty can be levied for claims denied by the revenue. The appeal by the AO was dismissed, confirming the penalty deletion in favor of the assessee. Case-Laws Income Tax Wed, 30 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775858