https://www.taxtmi.com/caselaws?id=65534 The Tribunal allowed the appeal, canceling the penalty imposed under s. 271(1)(c) for claiming exemption under s. 10(23G) without the necessary approval from the Central Government. The assessee, an infrastructure capital company, demonstrated a bona fide belief in obtaining approval and substantiated their efforts through submitted documents. As the explanation provided was deemed genuine, the penalty for concealment of income was overturned. en-us Fri, 03 Oct 2008 00:00:00 +0530 Mon, 06 Aug 2012 16:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65534 The Tribunal allowed the appeal, canceling the penalty imposed under s. 271(1)(c) for claiming exemption under s. 10(23G) without the necessary approval from the Central Government. The assessee, an infrastructure capital company, demonstrated a bona fide belief in obtaining approval and substantiated their efforts through submitted documents. As the explanation provided was deemed genuine, the penalty for concealment of income was overturned. Case-Laws Income Tax Fri, 03 Oct 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65534