https://www.taxtmi.com/caselaws?id=122360 The Tribunal partly allowed the appeal, upholding the penalty under section 271(1)(c) only for the loss related to tax payments, while ruling in favor of the assessee regarding the loss related to capital assets and security deposits. The Tribunal found that there was no bona fide belief regarding the tax payment loss, justifying the penalty, but acknowledged a genuine dispute over the nature of the other losses. en-us Fri, 16 Apr 2010 00:00:00 +0530 Thu, 30 May 2013 17:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=122360 The Tribunal partly allowed the appeal, upholding the penalty under section 271(1)(c) only for the loss related to tax payments, while ruling in favor of the assessee regarding the loss related to capital assets and security deposits. The Tribunal found that there was no bona fide belief regarding the tax payment loss, justifying the penalty, but acknowledged a genuine dispute over the nature of the other losses. Case-Laws Income Tax Fri, 16 Apr 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=122360