No section 271(1)(c) Penalty for Misclassified Interest Expense

Standard Radiators Private Ltd Vs ACIT (ITAT Ahmedabad) In the recent ruling by ITAT Ahmedabad, the case between Standard Radiators Pvt Ltd (the “Assessee”) and the Assistant Commissioner of Income Tax (ACIT), highlights an important decision related to the imposition of penalties for the misclassification of interest expenses. The Assessee contested a penalty levied due to the inaccurate portrayal of income particulars under section 271(1)(c) of the Income Tax Act, 1961. Analysis: The dispute centered on an interest expense of Rs. 3,30,875.00 claimed by Standard Radiators, but cla...