https://www.taxtmi.com/caselaws?id=268830 The ITAT Hyderabad canceled the penalty imposed under section 271(1)(c) of the Act on two directors of a company for alleged concealment of income from the sale of jointly held property. The ITAT found that the directors acted under a bona fide belief that no capital gains tax was applicable, as the sale proceeds were used to clear debts and disclosed in the company's books. Emphasizing the lack of intention to conceal income and genuine belief of the directors, the ITAT revoked the penalties, highlighting the significance of bona fide belief and transparency in financial transactions under tax laws. en-us Fri, 09 Oct 2015 00:00:00 +0530 Wed, 02 Dec 2015 22:20:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=268830 The ITAT Hyderabad canceled the penalty imposed under section 271(1)(c) of the Act on two directors of a company for alleged concealment of income from the sale of jointly held property. The ITAT found that the directors acted under a bona fide belief that no capital gains tax was applicable, as the sale proceeds were used to clear debts and disclosed in the company's books. Emphasizing the lack of intention to conceal income and genuine belief of the directors, the ITAT revoked the penalties, highlighting the significance of bona fide belief and transparency in financial transactions under tax laws. Case-Laws Income Tax Fri, 09 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=268830