https://www.taxtmi.com/caselaws?id=250165 The High Court upheld the ITAT's decision to cancel the penalty under Section 271(1)(C) of the Income Tax Act. The court emphasized the assessee's bona fide belief and the partial acceptance of the donation as corpus fund by the CIT(A). The High Court found no reason to interfere with the decision, dismissing the appeal and affirming the cancellation of the penalty. en-us Mon, 14 Jul 2014 00:00:00 +0530 Thu, 19 Feb 2015 10:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=250165 The High Court upheld the ITAT's decision to cancel the penalty under Section 271(1)(C) of the Income Tax Act. The court emphasized the assessee's bona fide belief and the partial acceptance of the donation as corpus fund by the CIT(A). The High Court found no reason to interfere with the decision, dismissing the appeal and affirming the cancellation of the penalty. Case-Laws Income Tax Mon, 14 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=250165