https://www.taxtmi.com/caselaws?id=265648 The ITAT deleted penalties imposed under sections 271B and 271(1)(c) of the IT Act in favor of the Assessee. For the penalty under section 271B, it was found that the Assessee had a bona fide belief that the commission income for the year was below the audit threshold, supported by a decision of the Gujarat High Court. Regarding the penalty under section 271(1)(c), the ITAT ruled that the income disclosure was not deliberate concealment, considering the nature of the business and accounting practices, and directed the penalty's deletion based on the Supreme Court's precedent in Reliance Petro Product Pvt. Ltd. en-us Fri, 18 Jul 2014 00:00:00 +0530 Tue, 13 Oct 2015 22:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=265648 The ITAT deleted penalties imposed under sections 271B and 271(1)(c) of the IT Act in favor of the Assessee. For the penalty under section 271B, it was found that the Assessee had a bona fide belief that the commission income for the year was below the audit threshold, supported by a decision of the Gujarat High Court. Regarding the penalty under section 271(1)(c), the ITAT ruled that the income disclosure was not deliberate concealment, considering the nature of the business and accounting practices, and directed the penalty's deletion based on the Supreme Court's precedent in Reliance Petro Product Pvt. Ltd. Case-Laws Income Tax Fri, 18 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=265648