https://www.taxtmi.com/caselaws?id=207531 The Tribunal upheld the deletion of the penalty under section 271(1)(c) for the assessment year 2000-01, ruling that there was no deliberate attempt to evade taxes by the assessee. The Tribunal considered the genuine belief of the assessee in the eligibility of the receipts for deduction under section 36(1)(viii) and the history of allowance of similar deductions in previous assessments. Consequently, the penalty imposition was deemed unjustified, and the decision to delete the penalty was affirmed. en-us Fri, 02 Dec 2011 00:00:00 +0530 Mon, 19 Dec 2011 07:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=207531 The Tribunal upheld the deletion of the penalty under section 271(1)(c) for the assessment year 2000-01, ruling that there was no deliberate attempt to evade taxes by the assessee. The Tribunal considered the genuine belief of the assessee in the eligibility of the receipts for deduction under section 36(1)(viii) and the history of allowance of similar deductions in previous assessments. Consequently, the penalty imposition was deemed unjustified, and the decision to delete the penalty was affirmed. Case-Laws Income Tax Fri, 02 Dec 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=207531