https://www.taxtmi.com/caselaws?id=68018 The Tribunal held that the penalty under Section 271(1)(c) of the Income-tax Act was not leviable on the assessee, M/s Oriental Power Cables Ltd. The penalty imposed by the IAC (Asst) was reduced by the CIT(A) and ultimately canceled by the Tribunal. The Tribunal found that the expenses in question were either bona fide claims or made under a genuine belief, not warranting a penalty. The Department's appeal was deemed timely, and the assessee's appeal was allowed, while the Department's appeal was dismissed. en-us Thu, 06 Jun 1991 00:00:00 +0530 Wed, 16 Mar 2011 14:11:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68018 The Tribunal held that the penalty under Section 271(1)(c) of the Income-tax Act was not leviable on the assessee, M/s Oriental Power Cables Ltd. The penalty imposed by the IAC (Asst) was reduced by the CIT(A) and ultimately canceled by the Tribunal. The Tribunal found that the expenses in question were either bona fide claims or made under a genuine belief, not warranting a penalty. The Department's appeal was deemed timely, and the assessee's appeal was allowed, while the Department's appeal was dismissed. Case-Laws Income Tax Thu, 06 Jun 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68018