https://www.taxtmi.com/caselaws?id=268798 The Tribunal found that the penalty imposed under section 271(1)(c) of the Income-tax Act was unwarranted as the assessee had a reasonable belief in claiming a deduction based on a Tribunal order. The subsequent change in legal position did not amount to concealment or inaccurate particulars. The penalty was deemed unjustified, and the lower authorities' orders were set aside, leading to the deletion of penalties in all assessment years. The Tribunal concluded that the Revenue wrongly imposed the penalty without considering the assessee's genuine belief, allowing the appeals and deleting the penalties. en-us Fri, 11 Sep 2015 00:00:00 +0530 Wed, 02 Dec 2015 02:14:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=268798 The Tribunal found that the penalty imposed under section 271(1)(c) of the Income-tax Act was unwarranted as the assessee had a reasonable belief in claiming a deduction based on a Tribunal order. The subsequent change in legal position did not amount to concealment or inaccurate particulars. The penalty was deemed unjustified, and the lower authorities' orders were set aside, leading to the deletion of penalties in all assessment years. The Tribunal concluded that the Revenue wrongly imposed the penalty without considering the assessee's genuine belief, allowing the appeals and deleting the penalties. Case-Laws Income Tax Fri, 11 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=268798