https://www.taxtmi.com/caselaws?id=184480 The High Court of Bombay upheld the decision of the Income Tax Appellate Tribunal, ruling in favor of the Assessee in penalties imposed under Section 271(1)(c) of the Income Tax Act for Assessment Years 1998-1999 and 1999-2000. The Tribunal found no factual inaccuracy in the Assessee's statements regarding frontend fees, concluding that the penalties were unjustified. Citing precedent, the High Court dismissed the Revenue's appeals, stating that no substantial question of law was raised, and the penalties were unwarranted. This case emphasizes the necessity of factual accuracy and providing a proper basis for income tax claims to avoid unjust penalty imposition. en-us Mon, 09 Jun 2014 00:00:00 +0530 Mon, 11 Jul 2016 11:06:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=184480 The High Court of Bombay upheld the decision of the Income Tax Appellate Tribunal, ruling in favor of the Assessee in penalties imposed under Section 271(1)(c) of the Income Tax Act for Assessment Years 1998-1999 and 1999-2000. The Tribunal found no factual inaccuracy in the Assessee's statements regarding frontend fees, concluding that the penalties were unjustified. Citing precedent, the High Court dismissed the Revenue's appeals, stating that no substantial question of law was raised, and the penalties were unwarranted. This case emphasizes the necessity of factual accuracy and providing a proper basis for income tax claims to avoid unjust penalty imposition. Case-Laws Income Tax Mon, 09 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=184480