https://www.taxtmi.com/caselaws?id=61903 The Tribunal, by majority opinion, allowed the appeal filed by the assessee, canceling the penalty levied by the Income-tax Officer. The Tribunal concluded that the penalty was not justified as it did not emanate from the satisfaction of the ITO and the explanation provided by the assessee was bona fide, thus not attracting the provisions of Explanation 1 to section 271(1)(c). en-us Tue, 22 Jan 1991 00:00:00 +0530 Sat, 15 Jan 2011 18:55:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61903 The Tribunal, by majority opinion, allowed the appeal filed by the assessee, canceling the penalty levied by the Income-tax Officer. The Tribunal concluded that the penalty was not justified as it did not emanate from the satisfaction of the ITO and the explanation provided by the assessee was bona fide, thus not attracting the provisions of Explanation 1 to section 271(1)(c). Case-Laws Income Tax Tue, 22 Jan 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61903