https://www.taxtmi.com/caselaws?id=214282 The Tribunal upheld the decision to delete the penalty imposed under section 271(1)(c) of the Income-tax Act. The appellant-Revenue's challenge was dismissed as both the Commissioner (Appeals) and the Tribunal found that the wrong claim of deduction under section 80-IA was made in good faith and rectified through a revised return. The rectification based on a bona fide belief before any detection of concealment absolved the assessee from the penalty for concealment of income. The judgment highlighted the significance of voluntary rectification and bona fide belief in avoiding penalties under the Income-tax Act. en-us Tue, 04 May 2010 00:00:00 +0530 Mon, 25 Jun 2012 18:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214282 The Tribunal upheld the decision to delete the penalty imposed under section 271(1)(c) of the Income-tax Act. The appellant-Revenue's challenge was dismissed as both the Commissioner (Appeals) and the Tribunal found that the wrong claim of deduction under section 80-IA was made in good faith and rectified through a revised return. The rectification based on a bona fide belief before any detection of concealment absolved the assessee from the penalty for concealment of income. The judgment highlighted the significance of voluntary rectification and bona fide belief in avoiding penalties under the Income-tax Act. Case-Laws Income Tax Tue, 04 May 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214282