https://www.taxtmi.com/caselaws?id=213001 The tribunal upheld the CIT(A)'s decision to cancel the penalty of Rs. 27,61,108/- under section 271(1)(c) of the Income Tax Act, 1961. The tribunal found that the assessee's explanation for the disputed amount was bona fide, as it had disclosed all relevant particulars in its books of accounts and return of income. Given the consistent treatment of such amounts in previous years and the absence of willful concealment, the tribunal concluded that the penalty was unwarranted. As a result, the Revenue's appeal was dismissed. en-us Wed, 04 Apr 2012 00:00:00 +0530 Wed, 02 May 2012 18:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213001 The tribunal upheld the CIT(A)'s decision to cancel the penalty of Rs. 27,61,108/- under section 271(1)(c) of the Income Tax Act, 1961. The tribunal found that the assessee's explanation for the disputed amount was bona fide, as it had disclosed all relevant particulars in its books of accounts and return of income. Given the consistent treatment of such amounts in previous years and the absence of willful concealment, the tribunal concluded that the penalty was unwarranted. As a result, the Revenue's appeal was dismissed. Case-Laws Income Tax Wed, 04 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213001