https://www.taxtmi.com/caselaws?id=184409 The Tribunal dismissed the Revenue's appeals for the assessment years 1997-98 and 1998-99, upholding the CIT(A)'s decision to delete penalties under Section 271(1)(c) of the IT Act. It concluded that the assessee's claims, including those under Section 80-IA and for foreign travel expenses, were bona fide and made with full disclosure. The Tribunal found no evidence of concealment or furnishing inaccurate particulars, as the claims were based on existing legal interpretations and fully explained. The penalties were deemed unjustified, emphasizing the absence of any deliberate attempt to mislead the Revenue. en-us Mon, 24 Mar 2008 00:00:00 +0530 Thu, 21 Dec 2023 16:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=184409 The Tribunal dismissed the Revenue's appeals for the assessment years 1997-98 and 1998-99, upholding the CIT(A)'s decision to delete penalties under Section 271(1)(c) of the IT Act. It concluded that the assessee's claims, including those under Section 80-IA and for foreign travel expenses, were bona fide and made with full disclosure. The Tribunal found no evidence of concealment or furnishing inaccurate particulars, as the claims were based on existing legal interpretations and fully explained. The penalties were deemed unjustified, emphasizing the absence of any deliberate attempt to mislead the Revenue. Case-Laws Income Tax Mon, 24 Mar 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=184409