https://www.taxtmi.com/caselaws?id=241102 The Tribunal set aside the penalties imposed for Assessment Years 2004-05 and 2005-06, emphasizing the appellant's bona fide belief and the legal changes affecting its tax obligations. The appellant, a statutory body, was exempt from filing returns until 2003 under section 10(20). The Tribunal considered the confusion caused by the legal changes and the appellant's exemption until 2003, leading to the cancellation of both penalties. en-us Tue, 22 Oct 2013 00:00:00 +0530 Tue, 17 Dec 2013 11:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241102 The Tribunal set aside the penalties imposed for Assessment Years 2004-05 and 2005-06, emphasizing the appellant's bona fide belief and the legal changes affecting its tax obligations. The appellant, a statutory body, was exempt from filing returns until 2003 under section 10(20). The Tribunal considered the confusion caused by the legal changes and the appellant's exemption until 2003, leading to the cancellation of both penalties. Case-Laws Income Tax Tue, 22 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241102