https://www.taxtmi.com/caselaws?id=68602 The Tribunal ruled in favor of the assessee, canceling the penalty imposed under section 271(1)(c) of the Income Tax Act. The Tribunal found that the deduction claimed was due to a bona fide misconception and not a deliberate attempt to evade tax. It was held that the claim was made under a genuine belief, and there was no evidence of wilful concealment by the assessee. Referring to a High Court case, it was established that a wrong claim due to a bona fide mistake does not amount to concealment of taxable income. en-us Fri, 21 Apr 2006 00:00:00 +0530 Thu, 31 Mar 2011 12:51:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68602 The Tribunal ruled in favor of the assessee, canceling the penalty imposed under section 271(1)(c) of the Income Tax Act. The Tribunal found that the deduction claimed was due to a bona fide misconception and not a deliberate attempt to evade tax. It was held that the claim was made under a genuine belief, and there was no evidence of wilful concealment by the assessee. Referring to a High Court case, it was established that a wrong claim due to a bona fide mistake does not amount to concealment of taxable income. Case-Laws Income Tax Fri, 21 Apr 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68602