https://www.taxtmi.com/caselaws?id=234190 The court concluded that the penalty under Section 271(1)(c) of the Income Tax Act was not justified. The assessee's explanation was deemed bona fide, with full disclosure of material facts. The court directed the deletion of penalties related to the claimed loss on closure of the South Extension Unit and capital expenditure for interior designing, ruling in favor of the assessee. en-us Tue, 28 May 2013 00:00:00 +0530 Sat, 01 Jun 2013 05:18:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=234190 The court concluded that the penalty under Section 271(1)(c) of the Income Tax Act was not justified. The assessee's explanation was deemed bona fide, with full disclosure of material facts. The court directed the deletion of penalties related to the claimed loss on closure of the South Extension Unit and capital expenditure for interior designing, ruling in favor of the assessee. Case-Laws Income Tax Tue, 28 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=234190