https://www.taxtmi.com/caselaws?id=59637 The Tribunal allowed the appeal of the assessee, setting aside the penalty under section 271(1)(c) of the IT Act imposed by the CIT(A) for excessive payment to a sister concern. The Tribunal found no concealment of income or furnishing of inaccurate particulars, as the disallowance was based on the deeming provisions of section 40A(2)(b) without concrete evidence of concealment. The Tribunal emphasized the discretionary nature of section 271(1)(c) penalties, concluding that the penalty was unwarranted when the income was assessed on an estimate basis. en-us Wed, 10 Sep 2008 00:00:00 +0530 Wed, 22 Nov 2023 17:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59637 The Tribunal allowed the appeal of the assessee, setting aside the penalty under section 271(1)(c) of the IT Act imposed by the CIT(A) for excessive payment to a sister concern. The Tribunal found no concealment of income or furnishing of inaccurate particulars, as the disallowance was based on the deeming provisions of section 40A(2)(b) without concrete evidence of concealment. The Tribunal emphasized the discretionary nature of section 271(1)(c) penalties, concluding that the penalty was unwarranted when the income was assessed on an estimate basis. Case-Laws Income Tax Wed, 10 Sep 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59637