https://www.taxtmi.com/caselaws?id=181944 The Tribunal set aside the CIT(A)'s order and directed the AO to delete the penalty levied under section 271(1)(c) of the Income Tax Act, amounting to Rs. 8,35,26,111. The Tribunal found that the assessee's claim, though disallowed, was made under a bonafide belief based on legal advice, and the mere non-acceptance of the claim does not justify the penalty. The appeal of the assessee was allowed, emphasizing that acting on legal advice in good faith does not attract penalty under the said provision. en-us Thu, 09 Sep 2010 00:00:00 +0530 Thu, 28 Apr 2016 12:32:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181944 The Tribunal set aside the CIT(A)'s order and directed the AO to delete the penalty levied under section 271(1)(c) of the Income Tax Act, amounting to Rs. 8,35,26,111. The Tribunal found that the assessee's claim, though disallowed, was made under a bonafide belief based on legal advice, and the mere non-acceptance of the claim does not justify the penalty. The appeal of the assessee was allowed, emphasizing that acting on legal advice in good faith does not attract penalty under the said provision. Case-Laws Income Tax Thu, 09 Sep 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181944