https://www.taxtmi.com/caselaws?id=256442 The Tribunal ruled in favor of the assessee, canceling the penalty imposed under section 271(1)(c) of the I.T. Act, 1961. The discrepancies in interest payments claimed by the assessee and the bank were attributed to the bank's internal accounting procedures, absolving the assessee of deliberate wrongdoing. The Tribunal found the assessee's actions to be bonafide, leading to the cancellation of the penalty. en-us Thu, 28 Aug 2014 00:00:00 +0530 Fri, 13 Feb 2015 07:37:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256442 The Tribunal ruled in favor of the assessee, canceling the penalty imposed under section 271(1)(c) of the I.T. Act, 1961. The discrepancies in interest payments claimed by the assessee and the bank were attributed to the bank's internal accounting procedures, absolving the assessee of deliberate wrongdoing. The Tribunal found the assessee's actions to be bonafide, leading to the cancellation of the penalty. Case-Laws Income Tax Thu, 28 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256442