https://www.taxtmi.com/caselaws?id=248138 The Tribunal deleted the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961, as the assessee's claim was deemed bonafide and not based on inaccurate particulars. The Tribunal emphasized that penalty proceedings should not be automatic, even if a claim is found to be incorrect, and strict adherence to the law is necessary before invoking penalty provisions. Citing legal precedents, the Tribunal concluded that the penalty was unjustified, leading to the dismissal of the appeal for lack of merit. en-us Tue, 06 May 2014 00:00:00 +0530 Tue, 03 Jun 2014 09:33:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=248138 The Tribunal deleted the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961, as the assessee's claim was deemed bonafide and not based on inaccurate particulars. The Tribunal emphasized that penalty proceedings should not be automatic, even if a claim is found to be incorrect, and strict adherence to the law is necessary before invoking penalty provisions. Citing legal precedents, the Tribunal concluded that the penalty was unjustified, leading to the dismissal of the appeal for lack of merit. Case-Laws Income Tax Tue, 06 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=248138