https://www.taxtmi.com/caselaws?id=183893 The Tribunal allowed the assessee's appeals, canceling the penalties imposed under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found that the assessee's claims for deductions were made in good faith, based on existing case law at the time of filing returns, and supported by bona fide belief and full disclosure. The Tribunal emphasized that penalties are not justified for debatable or bona fide claims, setting aside the lower authorities' orders and ruling in favor of the assessee. en-us Fri, 22 Jan 2010 00:00:00 +0530 Fri, 24 Jun 2016 12:54:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183893 The Tribunal allowed the assessee's appeals, canceling the penalties imposed under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found that the assessee's claims for deductions were made in good faith, based on existing case law at the time of filing returns, and supported by bona fide belief and full disclosure. The Tribunal emphasized that penalties are not justified for debatable or bona fide claims, setting aside the lower authorities' orders and ruling in favor of the assessee. Case-Laws Income Tax Fri, 22 Jan 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183893