https://www.taxtmi.com/caselaws?id=270607 The Appellate Tribunal overturned the penalty imposed under section 271(1)(c) of the Income Tax Act of Rs. 1,54,49,290 on the cooperative bank. The Tribunal found that the erroneous claim for deduction was due to a genuine mistake following a change in the law, and not made with mala fide intent. Relying on precedent and a similar case, the Tribunal held that a bona fide error does not warrant a penalty. The penalty was deleted, emphasizing that promptly rectifying a genuine mistake does not justify imposing a penalty. The appeal against the penalty was allowed in favor of the assessee. en-us Wed, 21 Oct 2015 00:00:00 +0530 Mon, 11 Jan 2016 11:04:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270607 The Appellate Tribunal overturned the penalty imposed under section 271(1)(c) of the Income Tax Act of Rs. 1,54,49,290 on the cooperative bank. The Tribunal found that the erroneous claim for deduction was due to a genuine mistake following a change in the law, and not made with mala fide intent. Relying on precedent and a similar case, the Tribunal held that a bona fide error does not warrant a penalty. The penalty was deleted, emphasizing that promptly rectifying a genuine mistake does not justify imposing a penalty. The appeal against the penalty was allowed in favor of the assessee. Case-Laws Income Tax Wed, 21 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270607