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<h1>Tribunal & High Court affirm no penalty under IT Act for honest belief</h1> <h3>Commissioner of Income-Tax Versus Gujarat Alkalies & Chemicals Ltd.</h3> Commissioner of Income-Tax Versus Gujarat Alkalies & Chemicals Ltd. - [2000] 246 ITR 462 (SC) The Supreme Court upheld the Tribunal's decision that assesses acted on an honest belief and were not liable for penalty under section 273(2)(a) of the IT Act for reducing advance tax liability. The High Court affirmed this view, and the appeal was dismissed.