https://www.taxtmi.com/caselaws?id=329777 The Tribunal allowed the assessee's appeal, canceling the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found that the assessee's belief that the income from the redemption of mutual funds was exempt under the law was genuine and not intended to conceal income. Relying on legal precedents, including the necessity of specific findings for penalty imposition, the Tribunal concluded that the explanation provided by the assessee was bona fide. Therefore, the penalty was canceled in favor of the assessee. en-us Wed, 01 Jun 2016 00:00:00 +0530 Sat, 09 Jul 2016 11:11:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329777 The Tribunal allowed the assessee's appeal, canceling the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found that the assessee's belief that the income from the redemption of mutual funds was exempt under the law was genuine and not intended to conceal income. Relying on legal precedents, including the necessity of specific findings for penalty imposition, the Tribunal concluded that the explanation provided by the assessee was bona fide. Therefore, the penalty was canceled in favor of the assessee. Case-Laws Income Tax Wed, 01 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329777