https://www.taxtmi.com/caselaws?id=257109 The ITAT allowed the assessee's appeal and dismissed the Revenue's appeal regarding penalty proceedings under section 271(1)(c) for the assessment year 2003-04. The penalties were deleted based on the reasoning that the penalty imposition was due to a bonafide mistake and in line with previous ITAT orders and the Hon'ble Supreme Court's decision in the case of CIT vs. Reliance Petroproducts (P) Ltd. en-us Fri, 19 Dec 2014 00:00:00 +0530 Tue, 03 Mar 2015 07:51:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257109 The ITAT allowed the assessee's appeal and dismissed the Revenue's appeal regarding penalty proceedings under section 271(1)(c) for the assessment year 2003-04. The penalties were deleted based on the reasoning that the penalty imposition was due to a bonafide mistake and in line with previous ITAT orders and the Hon'ble Supreme Court's decision in the case of CIT vs. Reliance Petroproducts (P) Ltd. Case-Laws Income Tax Fri, 19 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257109