https://www.taxtmi.com/caselaws?id=77466 The appeal challenging the deletion of penalty under Section 271(1)(c) of the Income Tax Act, 1961 for the assessment year 2001-2002 was dismissed. The ITAT upheld the deletion of the penalty, emphasizing the assessee's genuine explanation supported by a Board resolution, falling within Explanation 1 to Section 271. The ITAT clarified that the burden to establish the bona fide nature of the claim lies with the assessee. As the factual conclusions favored the assessee, no penalty was imposed, and the appeal was dismissed without costs. en-us Mon, 19 Jul 2010 00:00:00 +0530 Fri, 17 Sep 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=77466 The appeal challenging the deletion of penalty under Section 271(1)(c) of the Income Tax Act, 1961 for the assessment year 2001-2002 was dismissed. The ITAT upheld the deletion of the penalty, emphasizing the assessee's genuine explanation supported by a Board resolution, falling within Explanation 1 to Section 271. The ITAT clarified that the burden to establish the bona fide nature of the claim lies with the assessee. As the factual conclusions favored the assessee, no penalty was imposed, and the appeal was dismissed without costs. Case-Laws Income Tax Mon, 19 Jul 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=77466