https://www.taxtmi.com/caselaws?id=217417 The Appellate Tribunal ITAT, Delhi upheld the cancellation of a penalty under Section 271(1)(c) of the Income-tax Act, 1961 imposed by the Assessing Officer on an assessee company. The Tribunal found the assessee's claim for interest deduction without disallowance under Section 14A to be bona fide, considering the newness of the provision at the time and the accurate disclosure of information. Emphasizing the importance of bona fide claims to avoid penalties, the Tribunal dismissed the Revenue's appeal, citing relevant case law including the decision in Reliance Petroproducts Pvt. Ltd. case. en-us Fri, 13 Jul 2012 00:00:00 +0530 Thu, 13 Sep 2012 13:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217417 The Appellate Tribunal ITAT, Delhi upheld the cancellation of a penalty under Section 271(1)(c) of the Income-tax Act, 1961 imposed by the Assessing Officer on an assessee company. The Tribunal found the assessee's claim for interest deduction without disallowance under Section 14A to be bona fide, considering the newness of the provision at the time and the accurate disclosure of information. Emphasizing the importance of bona fide claims to avoid penalties, the Tribunal dismissed the Revenue's appeal, citing relevant case law including the decision in Reliance Petroproducts Pvt. Ltd. case. Case-Laws Income Tax Fri, 13 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217417