https://www.taxtmi.com/caselaws?id=777191 ITAT set aside penalty under section 271(1)(c), holding there is no basis for penalty after the foundational addition (under section 57) was deleted by CIT(A) and interest expenditure was partly allowed under section 36(1)(iii) and added to WIP. The AO's adjustment was a disagreement over claim admissibility, not concealment or furnishing inaccurate particulars. Because the impugned addition no longer stands and the record shows no wilful evasion, the appeal by the taxpayer is allowed and the penalty is vacated. en-us Thu, 21 Aug 2025 00:00:00 +0530 Tue, 26 Aug 2025 08:41:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=777191 ITAT set aside penalty under section 271(1)(c), holding there is no basis for penalty after the foundational addition (under section 57) was deleted by CIT(A) and interest expenditure was partly allowed under section 36(1)(iii) and added to WIP. The AO's adjustment was a disagreement over claim admissibility, not concealment or furnishing inaccurate particulars. Because the impugned addition no longer stands and the record shows no wilful evasion, the appeal by the taxpayer is allowed and the penalty is vacated. Case-Laws Income Tax Thu, 21 Aug 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=777191