https://www.taxtmi.com/caselaws?id=121356 The Tribunal allowed the appeal, canceling the penalty under section 271(1)(c) for non-disclosure of deemed dividend income. The Tribunal held that ignorance of law can be a valid defense, especially in complex tax matters. It emphasized that the burden was on the Revenue to prove the explanation was false, which was not done satisfactorily. The Tribunal noted the complexity of tax laws and the failure of the C.A. to inform the assessee about the relevant provision. Therefore, the penalty imposed by the Assessing Officer was set aside in favor of the assessee. en-us Tue, 23 Jun 2009 00:00:00 +0530 Tue, 03 Oct 2023 11:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121356 The Tribunal allowed the appeal, canceling the penalty under section 271(1)(c) for non-disclosure of deemed dividend income. The Tribunal held that ignorance of law can be a valid defense, especially in complex tax matters. It emphasized that the burden was on the Revenue to prove the explanation was false, which was not done satisfactorily. The Tribunal noted the complexity of tax laws and the failure of the C.A. to inform the assessee about the relevant provision. Therefore, the penalty imposed by the Assessing Officer was set aside in favor of the assessee. Case-Laws Income Tax Tue, 23 Jun 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121356