https://www.taxtmi.com/caselaws?id=184342 The Tribunal allowed the appeal filed by the Co-operative Housing Society, canceling the penalty imposed by the Assessing Officer under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found no conscious act of concealing income, as the income was declared and recorded in the books of account, and rejected the justification for the penalty. The claim of exemption under the Mutuality Principle was also considered, with the Tribunal determining that there was no basis for the penalty. en-us Fri, 30 Jul 2010 00:00:00 +0530 Wed, 06 Jul 2016 11:57:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=184342 The Tribunal allowed the appeal filed by the Co-operative Housing Society, canceling the penalty imposed by the Assessing Officer under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found no conscious act of concealing income, as the income was declared and recorded in the books of account, and rejected the justification for the penalty. The claim of exemption under the Mutuality Principle was also considered, with the Tribunal determining that there was no basis for the penalty. Case-Laws Income Tax Fri, 30 Jul 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=184342