https://www.taxtmi.com/caselaws?id=260053 The Tribunal dismissed the Revenue's appeals and upheld the CIT(A)'s order deleting the penalties under Section 271(1)(c) of the Income-tax Act for Assessment Years 2003-04 and 2004-05. The Tribunal found that the assessee's actions were based on a bona fide belief, and there was full disclosure in the return of income. The Tribunal emphasized that the mere difference in legal interpretation did not amount to furnishing inaccurate particulars of income, leading to the penalties being deleted for both assessment years. en-us Fri, 08 May 2015 00:00:00 +0530 Fri, 29 May 2015 11:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260053 The Tribunal dismissed the Revenue's appeals and upheld the CIT(A)'s order deleting the penalties under Section 271(1)(c) of the Income-tax Act for Assessment Years 2003-04 and 2004-05. The Tribunal found that the assessee's actions were based on a bona fide belief, and there was full disclosure in the return of income. The Tribunal emphasized that the mere difference in legal interpretation did not amount to furnishing inaccurate particulars of income, leading to the penalties being deleted for both assessment years. Case-Laws Income Tax Fri, 08 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260053