https://www.taxtmi.com/caselaws?id=234055 The Appellate Tribunal ITAT MUMBAI addressed penalties under the Income Tax Act for A.Y. 2008-09 and A.Y. 2011-12. For A.Y. 2008-09, the penalty was set aside as the claim error was not concealment but based on a bona fide belief. For A.Y. 2011-12, the penalty was reduced to 1/3rd due to prompt tax payment, despite acknowledging the default. The judgments highlighted the importance of genuine belief, evidence, and reasonable penalty imposition based on case specifics. en-us Wed, 22 May 2013 00:00:00 +0530 Mon, 27 May 2013 07:53:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=234055 The Appellate Tribunal ITAT MUMBAI addressed penalties under the Income Tax Act for A.Y. 2008-09 and A.Y. 2011-12. For A.Y. 2008-09, the penalty was set aside as the claim error was not concealment but based on a bona fide belief. For A.Y. 2011-12, the penalty was reduced to 1/3rd due to prompt tax payment, despite acknowledging the default. The judgments highlighted the importance of genuine belief, evidence, and reasonable penalty imposition based on case specifics. Case-Laws Income Tax Wed, 22 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=234055