https://www.taxtmi.com/caselaws?id=241487 The High Court upheld the decision of the Appellate Tribunal in deleting the penalty under Section 271(1)(c) of the Income Tax Act. The Tribunal found that the assessee had not engaged in non-bona fide conduct, as required for imposing penalties, and had disclosed all necessary details in the income tax return. The Court agreed that the Assessing Officer's additions did not justify penalty proceedings after the CIT (Appeals) had allowed and deleted certain items. The Court dismissed the Tax Appeal, affirming that both lower authorities correctly applied the law to the case. en-us Tue, 12 Feb 2013 00:00:00 +0530 Mon, 06 Jan 2014 16:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241487 The High Court upheld the decision of the Appellate Tribunal in deleting the penalty under Section 271(1)(c) of the Income Tax Act. The Tribunal found that the assessee had not engaged in non-bona fide conduct, as required for imposing penalties, and had disclosed all necessary details in the income tax return. The Court agreed that the Assessing Officer's additions did not justify penalty proceedings after the CIT (Appeals) had allowed and deleted certain items. The Court dismissed the Tax Appeal, affirming that both lower authorities correctly applied the law to the case. Case-Laws Income Tax Tue, 12 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241487