https://www.taxtmi.com/caselaws?id=254133 The High Court dismissed the appeal challenging the deletion of the penalty under Section 271(1)(c) of the Income Tax Act, 1961 for Assessment Year 2009-10. The Court upheld the Tribunal's decision, finding that the assessee had established their bona fides regarding a misunderstanding of tax provisions by their Chartered Accountant. The Court agreed that the error was a genuine mistake due to the complexity of the applicable sections, and the assessee rectified the error for subsequent years. No substantial question of law was found, and the penalty deletion was upheld. en-us Tue, 09 Dec 2014 00:00:00 +0530 Fri, 12 Dec 2014 21:38:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254133 The High Court dismissed the appeal challenging the deletion of the penalty under Section 271(1)(c) of the Income Tax Act, 1961 for Assessment Year 2009-10. The Court upheld the Tribunal's decision, finding that the assessee had established their bona fides regarding a misunderstanding of tax provisions by their Chartered Accountant. The Court agreed that the error was a genuine mistake due to the complexity of the applicable sections, and the assessee rectified the error for subsequent years. No substantial question of law was found, and the penalty deletion was upheld. Case-Laws Income Tax Tue, 09 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254133