https://www.taxtmi.com/caselaws?id=234397 The Tribunal deleted a penalty imposed under Section 271(1)(c) of the Income Tax Act, amounting to Rs.1.12 crores, as the transaction was deemed debatable and the assessee had acted in good faith based on professional advice. The Tribunal found no concealment of income and cited the BTX Chemical P. Ltd. case to support its decision. The Court upheld the Tribunal's ruling, emphasizing the absence of any legal error and dismissing the Tax Appeal due to the inapplicability of Section 271(1)(c) in this instance. en-us Wed, 13 Mar 2013 00:00:00 +0530 Mon, 10 Jun 2013 09:35:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=234397 The Tribunal deleted a penalty imposed under Section 271(1)(c) of the Income Tax Act, amounting to Rs.1.12 crores, as the transaction was deemed debatable and the assessee had acted in good faith based on professional advice. The Tribunal found no concealment of income and cited the BTX Chemical P. Ltd. case to support its decision. The Court upheld the Tribunal's ruling, emphasizing the absence of any legal error and dismissing the Tax Appeal due to the inapplicability of Section 271(1)(c) in this instance. Case-Laws Income Tax Wed, 13 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=234397