https://www.taxtmi.com/caselaws?id=257126 The Tribunal set aside the penalties imposed under section 271(1)(c) for assessment years 1997-98 to 2002-03, ruling in favor of the assessee. The Tribunal found the assessee's actions to be bona fide, emphasizing the lack of intent to conceal income or provide inaccurate particulars. The penalties were canceled based on the agreements with the Government regarding income from specific projects, leading to the conclusion that penalty imposition was not justified. The appeals were allowed, and the penalties were revoked for all years under consideration. en-us Mon, 12 Jan 2015 00:00:00 +0530 Tue, 03 Mar 2015 07:51:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257126 The Tribunal set aside the penalties imposed under section 271(1)(c) for assessment years 1997-98 to 2002-03, ruling in favor of the assessee. The Tribunal found the assessee's actions to be bona fide, emphasizing the lack of intent to conceal income or provide inaccurate particulars. The penalties were canceled based on the agreements with the Government regarding income from specific projects, leading to the conclusion that penalty imposition was not justified. The appeals were allowed, and the penalties were revoked for all years under consideration. Case-Laws Income Tax Mon, 12 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257126