https://www.taxtmi.com/caselaws?id=251369 The High Court ruled in favor of a non-resident company in an appeal against a penalty imposed for concealing income under Section 271(1)(c) of the Income Tax Act. The company had received consultancy fees from the Asian Development Bank, believing it was exempt based on an agreement. The Court found the company acted in good faith, disclosed all relevant facts, and had a reasonable explanation for claiming the income as exempt. It held that there was no mala fide intent and overturned the penalty, stating it was not justified as the company had provided a genuine explanation and disclosed all material facts. en-us Wed, 03 Sep 2014 00:00:00 +0530 Fri, 12 Sep 2014 09:55:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=251369 The High Court ruled in favor of a non-resident company in an appeal against a penalty imposed for concealing income under Section 271(1)(c) of the Income Tax Act. The company had received consultancy fees from the Asian Development Bank, believing it was exempt based on an agreement. The Court found the company acted in good faith, disclosed all relevant facts, and had a reasonable explanation for claiming the income as exempt. It held that there was no mala fide intent and overturned the penalty, stating it was not justified as the company had provided a genuine explanation and disclosed all material facts. Case-Laws Income Tax Wed, 03 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=251369