https://www.taxtmi.com/caselaws?id=264958 The Tribunal set aside the penalty order imposed on the assessee under section 271(1)(c) of the Income Tax Act, 1961 for Assessment Year 2009-10. The non-disclosure of interest income from NRE Fixed Deposits was deemed to be based on a bonafide belief of the assessee in his residency status as a 'person resident outside India' under FEMA, 1999. The Tribunal accepted the explanation under Clause(B) of Explanation-1 to Section 271(1)(c), ruling in favor of the assessee and overturning the penalty. en-us Thu, 25 Sep 2014 00:00:00 +0530 Sun, 04 Oct 2015 21:37:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=264958 The Tribunal set aside the penalty order imposed on the assessee under section 271(1)(c) of the Income Tax Act, 1961 for Assessment Year 2009-10. The non-disclosure of interest income from NRE Fixed Deposits was deemed to be based on a bonafide belief of the assessee in his residency status as a 'person resident outside India' under FEMA, 1999. The Tribunal accepted the explanation under Clause(B) of Explanation-1 to Section 271(1)(c), ruling in favor of the assessee and overturning the penalty. Case-Laws Income Tax Thu, 25 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=264958