https://www.taxtmi.com/caselaws?id=209919 The High Court dismissed the appeal without costs, affirming the deletion of the penalty under Section 271(1)(c) of the Income Tax Act by the Income Tax Appellate Tribunal. The Court held that the penalty should not be imposed solely because the Assessing Officer disagreed with the assessee's claim for royalty income exemption, especially when the assessment was based on the correct return filed by the assessee. en-us Wed, 20 Jul 2011 00:00:00 +0530 Mon, 08 Jul 2013 10:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=209919 The High Court dismissed the appeal without costs, affirming the deletion of the penalty under Section 271(1)(c) of the Income Tax Act by the Income Tax Appellate Tribunal. The Court held that the penalty should not be imposed solely because the Assessing Officer disagreed with the assessee's claim for royalty income exemption, especially when the assessment was based on the correct return filed by the assessee. Case-Laws Income Tax Wed, 20 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=209919