https://www.taxtmi.com/caselaws?id=117234 The Tribunal upheld the cancellation of the penalty under section 271(1)(c) for the assessment year 1990-91. The decision emphasized the technical nature of the default in not depositing the amount in a specified account, without evidence of mala fide intent. The Tribunal considered the assessee's good faith actions in investing for construction purposes and utilizing the exempted amount appropriately, leading to the penalty being deemed unjustified. en-us Wed, 23 Oct 2002 00:00:00 +0530 Thu, 21 Jun 2012 12:35:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=117234 The Tribunal upheld the cancellation of the penalty under section 271(1)(c) for the assessment year 1990-91. The decision emphasized the technical nature of the default in not depositing the amount in a specified account, without evidence of mala fide intent. The Tribunal considered the assessee's good faith actions in investing for construction purposes and utilizing the exempted amount appropriately, leading to the penalty being deemed unjustified. Case-Laws Income Tax Wed, 23 Oct 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=117234