https://www.taxtmi.com/caselaws?id=239137 The ITAT upheld the CIT(A)'s decision to delete the penalty imposed under section 271(1)(c), emphasizing the importance of furnishing complete details and justifying claims in good faith to avoid penalty imposition. The ITAT ruled that the penalty was not sustainable as the assessee had provided explanations and disclosed all relevant facts, which were deemed genuine, following the precedent set by the Supreme Court in the case of Reliance Petro Products Pvt. Ltd. en-us Wed, 04 Sep 2013 00:00:00 +0530 Thu, 07 Nov 2013 10:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=239137 The ITAT upheld the CIT(A)'s decision to delete the penalty imposed under section 271(1)(c), emphasizing the importance of furnishing complete details and justifying claims in good faith to avoid penalty imposition. The ITAT ruled that the penalty was not sustainable as the assessee had provided explanations and disclosed all relevant facts, which were deemed genuine, following the precedent set by the Supreme Court in the case of Reliance Petro Products Pvt. Ltd. Case-Laws Income Tax Wed, 04 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=239137