The Tribunal held that \u00a0the genuineness of exhibition expenses claimed was not found incorrect by the authority. Therefore the assessee should not be visited with penalty merely because the claim made by the assessee was not maintainable in the view of the Department unless and until the genuineness of the expenses claimed found to be incorrect or erroneous. The provisions of law permit the assessee to claim the deduction in the year in which the assessee deducts the tax at source and deposits the amount to the Department. Thus the assessee had not furnished any inaccurate particulars of income deliberately. Accordingly he could not be visited with the \u00a0concealment penalty. Followed\u00a0 Price Waterhouse Coopers Pvt. Ltd. v. CIT( 2012) 348 ITR 306 (SC) \u00a0( AY.2012-13)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 271(1)(c) : Penalty \u2013 Concealment \u2013 Gratuity and exhibition expenses \u2013 Genuineness of expenses not doubted -Failure to deduct tax at source- Levy of penalty is held to be not justified . <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-13818","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-3AS","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/13818","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=13818"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/13818\/revisions"}],"predecessor-version":[{"id":13819,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/13818\/revisions\/13819"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=13818"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=13818"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=13818"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}