https://www.taxtmi.com/caselaws?id=215675 The Tribunal found that the penalty under Section 271(1)(c) of the Income Tax Act was not justified as the partners acted on a bona fide belief and the issue was debatable. The penalty imposed on the assessee firm for alleged concealment of income and furnishing inaccurate particulars was deleted, emphasizing that the firm should not be penalized for errors made by its Chartered Accountant. The Tribunal allowed the assessee's appeal, overturning the penalty initially imposed by the Assessing Officer and confirmed by the CIT (A). en-us Fri, 15 Jun 2012 00:00:00 +0530 Tue, 14 Aug 2012 07:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215675 The Tribunal found that the penalty under Section 271(1)(c) of the Income Tax Act was not justified as the partners acted on a bona fide belief and the issue was debatable. The penalty imposed on the assessee firm for alleged concealment of income and furnishing inaccurate particulars was deleted, emphasizing that the firm should not be penalized for errors made by its Chartered Accountant. The Tribunal allowed the assessee's appeal, overturning the penalty initially imposed by the Assessing Officer and confirmed by the CIT (A). Case-Laws Income Tax Fri, 15 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215675