https://www.taxtmi.com/caselaws?id=237303 The High Court upheld the deletion of the penalty imposed by the Assessing Officer, affirming that the claim for deduction was made in good faith without any intent to evade tax. The Court emphasized that merely making an incorrect claim does not attract a penalty under Section 271(1)(c) of the Income Tax Act, dismissing the revenue's appeal and highlighting the importance of distinguishing between bona fide deduction claims and deliberate tax evasion attempts. The Court found no basis to entertain the appeal, concluding that the penalty imposition was unwarranted in this case. en-us Fri, 06 Sep 2013 00:00:00 +0530 Tue, 24 Sep 2013 21:08:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=237303 The High Court upheld the deletion of the penalty imposed by the Assessing Officer, affirming that the claim for deduction was made in good faith without any intent to evade tax. The Court emphasized that merely making an incorrect claim does not attract a penalty under Section 271(1)(c) of the Income Tax Act, dismissing the revenue's appeal and highlighting the importance of distinguishing between bona fide deduction claims and deliberate tax evasion attempts. The Court found no basis to entertain the appeal, concluding that the penalty imposition was unwarranted in this case. Case-Laws Income Tax Fri, 06 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=237303