Mere Disallowance’ of an Expense Does Not Warrant a Penalty for Filing

Mere disallowance’ of an Expense does not warrant a Penalty for filing
inaccurate particulars of Income: ITAT

The Income Tax Appellate Tribunal (ITAT), Delhi Bench ruled that “Mere
disallowance” of an expense does not warrant a penalty for filing
inaccurate particulars of income.

Relief to Bank of India

Relief to Bank of India: Taxes paid abroad will be allowed as Deduction
in the Computation of Business Income, rules ITAT

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench while accepting
the claim of the Bank of India ruled that the taxes paid abroad will be
allowed as a deduction in the computation of the business income.