https://www.taxtmi.com/caselaws?id=205008 The Tribunal allowed the appeal and deleted the penalty of Rs. 97,99,000 imposed under section 271(1)(c) for the assessment year 2003-04. The Tribunal held that the assessee's claim was made in accordance with the law prevailing at the time of filing the return, supported by necessary disclosures and a chartered accountant's certificate, and was not lacking in bona fides. The Tribunal emphasized that the penalty should be assessed based on the legal position at the time of filing the return, and subsequent legal interpretations could not retroactively render the claim inaccurate. en-us Fri, 17 Sep 2010 00:00:00 +0530 Wed, 13 Apr 2011 11:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=205008 The Tribunal allowed the appeal and deleted the penalty of Rs. 97,99,000 imposed under section 271(1)(c) for the assessment year 2003-04. The Tribunal held that the assessee's claim was made in accordance with the law prevailing at the time of filing the return, supported by necessary disclosures and a chartered accountant's certificate, and was not lacking in bona fides. The Tribunal emphasized that the penalty should be assessed based on the legal position at the time of filing the return, and subsequent legal interpretations could not retroactively render the claim inaccurate. Case-Laws Income Tax Fri, 17 Sep 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=205008