https://www.taxtmi.com/caselaws?id=261334 The delay of 360 days in refiling the appeal was condoned, and the appeal was disposed of. The exemption application was allowed subject to all just exceptions. The appeal against the Income Tax Appellate Tribunal's order regarding penalty under Section 271(1)(c) of the Income Tax Act, 1961 for the assessment year 2002-2003 was dismissed. The Tribunal found no concealment of facts by the assessee and upheld the decision that no penalty should be imposed, considering the expenses were genuinely believed to be on revenue account. The Tribunal's reliance on a Supreme Court judgment was deemed well-founded, and the appeal was dismissed based on fair and reasonable discretion exercised by the authorities. en-us Tue, 05 May 2015 00:00:00 +0530 Thu, 09 Jul 2015 06:44:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261334 The delay of 360 days in refiling the appeal was condoned, and the appeal was disposed of. The exemption application was allowed subject to all just exceptions. The appeal against the Income Tax Appellate Tribunal's order regarding penalty under Section 271(1)(c) of the Income Tax Act, 1961 for the assessment year 2002-2003 was dismissed. The Tribunal found no concealment of facts by the assessee and upheld the decision that no penalty should be imposed, considering the expenses were genuinely believed to be on revenue account. The Tribunal's reliance on a Supreme Court judgment was deemed well-founded, and the appeal was dismissed based on fair and reasonable discretion exercised by the authorities. Case-Laws Income Tax Tue, 05 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261334