https://www.taxtmi.com/caselaws?id=216739 The Tribunal upheld the CIT(A)'s decision to cancel the penalty under Section 271(1)(c) based on the bonafide nature of the assessee's claim under Section 10A. The judgment emphasized the importance of bonafide intentions behind claims, even if legally incorrect, in determining penalty applicability. The decision referenced past legal interpretations and professional advice to support the assessee's position, ultimately dismissing the Revenue's appeal. en-us Fri, 06 Jul 2012 00:00:00 +0530 Fri, 09 Sep 2016 16:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216739 The Tribunal upheld the CIT(A)'s decision to cancel the penalty under Section 271(1)(c) based on the bonafide nature of the assessee's claim under Section 10A. The judgment emphasized the importance of bonafide intentions behind claims, even if legally incorrect, in determining penalty applicability. The decision referenced past legal interpretations and professional advice to support the assessee's position, ultimately dismissing the Revenue's appeal. Case-Laws Income Tax Fri, 06 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216739