https://www.taxtmi.com/caselaws?id=325139 The High Court upheld the decisions of the CIT(A) and Tribunal, ruling in favor of the assessee. The court found that the assessee had a bona fide belief that the interest income was not taxable until finality of proceedings, thus penalty for concealment was not justified. Additionally, treating the interest on income-tax refunds as contingent was deemed reasonable, as the income was not realized until appeals were finalized. The court concluded that the assessee did not furnish inaccurate particulars of income, leading to the dismissal of the appeal without imposing a penalty under Section 271(1)(c) of the Income Tax Act. en-us Tue, 02 Feb 2016 00:00:00 +0530 Tue, 24 May 2016 17:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=325139 The High Court upheld the decisions of the CIT(A) and Tribunal, ruling in favor of the assessee. The court found that the assessee had a bona fide belief that the interest income was not taxable until finality of proceedings, thus penalty for concealment was not justified. Additionally, treating the interest on income-tax refunds as contingent was deemed reasonable, as the income was not realized until appeals were finalized. The court concluded that the assessee did not furnish inaccurate particulars of income, leading to the dismissal of the appeal without imposing a penalty under Section 271(1)(c) of the Income Tax Act. Case-Laws Income Tax Tue, 02 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=325139