https://www.taxtmi.com/caselaws?id=179422 The Income-tax Appellate Tribunal upheld the cancellation of penalties imposed under section 271(1)(c) of the Income-tax Act, 1961 for the assessment years 1988-89 and 1989-90. The penalties were canceled based on the assessee's genuine claim of deduction of house tax and interest calculation, which were deemed bonafide. The High Court affirmed the Tribunal's decision, emphasizing that once the Commissioner accepted the explanations provided by the assessee, there was no justification for judicial intervention. The appeals were dismissed, and the cancellation of penalties by the lower authorities was upheld. en-us Mon, 12 Feb 2001 00:00:00 +0530 Tue, 01 Mar 2016 15:14:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179422 The Income-tax Appellate Tribunal upheld the cancellation of penalties imposed under section 271(1)(c) of the Income-tax Act, 1961 for the assessment years 1988-89 and 1989-90. The penalties were canceled based on the assessee's genuine claim of deduction of house tax and interest calculation, which were deemed bonafide. The High Court affirmed the Tribunal's decision, emphasizing that once the Commissioner accepted the explanations provided by the assessee, there was no justification for judicial intervention. The appeals were dismissed, and the cancellation of penalties by the lower authorities was upheld. Case-Laws Income Tax Mon, 12 Feb 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179422