https://www.taxtmi.com/caselaws?id=218921 The Tribunal allowed the assessee's appeal, ruling that penalties under section 271(1)(c) should not be imposed for erroneous claims made in good faith or based on professional advice. The Tribunal found that the claims of unabsorbed depreciation and exemption of dividend income were made due to genuine misunderstandings and a bona fide belief, supported by the auditor's report. Citing legal precedents, the Tribunal concluded that penalties are not applicable for mistakes made in good faith, ultimately annulling the penalty imposed on the assessee by the lower authorities. en-us Fri, 20 Jan 2012 00:00:00 +0530 Thu, 29 Nov 2012 08:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218921 The Tribunal allowed the assessee's appeal, ruling that penalties under section 271(1)(c) should not be imposed for erroneous claims made in good faith or based on professional advice. The Tribunal found that the claims of unabsorbed depreciation and exemption of dividend income were made due to genuine misunderstandings and a bona fide belief, supported by the auditor's report. Citing legal precedents, the Tribunal concluded that penalties are not applicable for mistakes made in good faith, ultimately annulling the penalty imposed on the assessee by the lower authorities. Case-Laws Income Tax Fri, 20 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218921