https://www.taxtmi.com/caselaws?id=253057 The Tribunal upheld the CIT(A)'s decision to delete the penalty of Rs. 1,53,65,958/- imposed under Section 271(1)(c) of the Income Tax Act, 1961. The penalty was canceled as it was based on a retrospective amendment that was not foreseeable by the assessee at the time of filing the return. The Tribunal emphasized that the assessee had made a bona fide claim supported by legal opinions and judicial pronouncements existing at the time of filing. The revenue's appeal was dismissed, confirming that the penalty was not justified in this case. en-us Fri, 22 Aug 2014 00:00:00 +0530 Thu, 13 Nov 2014 09:52:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=253057 The Tribunal upheld the CIT(A)'s decision to delete the penalty of Rs. 1,53,65,958/- imposed under Section 271(1)(c) of the Income Tax Act, 1961. The penalty was canceled as it was based on a retrospective amendment that was not foreseeable by the assessee at the time of filing the return. The Tribunal emphasized that the assessee had made a bona fide claim supported by legal opinions and judicial pronouncements existing at the time of filing. The revenue's appeal was dismissed, confirming that the penalty was not justified in this case. Case-Laws Income Tax Fri, 22 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=253057