https://www.taxtmi.com/caselaws?id=256534 The Tribunal set aside the penalty imposed on the assessee under section 271(1)(c) of the Income Tax Act for including Security Transactions Tax (STT) in the value of credit shares. The Tribunal found no mala fide intent or attempt to evade tax, as the STT inclusion was deemed a genuine error without any advantage to the assessee. Additionally, penalties for other additions/disallowances under sections 94(7), 14A, and STT disallowance were also overturned due to reasonable explanations and no concealment of income. The appeal favored the assessee, directing the deletion of the penalty amount. en-us Mon, 02 Feb 2015 00:00:00 +0530 Mon, 16 Feb 2015 09:52:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256534 The Tribunal set aside the penalty imposed on the assessee under section 271(1)(c) of the Income Tax Act for including Security Transactions Tax (STT) in the value of credit shares. The Tribunal found no mala fide intent or attempt to evade tax, as the STT inclusion was deemed a genuine error without any advantage to the assessee. Additionally, penalties for other additions/disallowances under sections 94(7), 14A, and STT disallowance were also overturned due to reasonable explanations and no concealment of income. The appeal favored the assessee, directing the deletion of the penalty amount. Case-Laws Income Tax Mon, 02 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256534