https://www.taxtmi.com/caselaws?id=330153 The High Court of Bombay upheld the deletion of a penalty imposed by the Assessing Officer under Section 13 of the Interest Tax Act 1974 for Assessment Year 2000-01. The respondent-assessee's claim for deduction of interest was initially disallowed in reassessment proceedings, leading to a penalty imposition. However, the CIT(A) and Tribunal found that the claim was made in good faith based on a High Court decision, with full disclosure and no inaccurate particulars filed. As there was no concealment or inaccurate filing, the Court concluded that no penalty should be imposed under Section 13 of the Interest Act, dismissing the appeal. en-us Mon, 04 Jul 2016 00:00:00 +0530 Tue, 19 Jul 2016 13:03:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330153 The High Court of Bombay upheld the deletion of a penalty imposed by the Assessing Officer under Section 13 of the Interest Tax Act 1974 for Assessment Year 2000-01. The respondent-assessee's claim for deduction of interest was initially disallowed in reassessment proceedings, leading to a penalty imposition. However, the CIT(A) and Tribunal found that the claim was made in good faith based on a High Court decision, with full disclosure and no inaccurate particulars filed. As there was no concealment or inaccurate filing, the Court concluded that no penalty should be imposed under Section 13 of the Interest Act, dismissing the appeal. Case-Laws Income Tax Mon, 04 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330153