https://www.taxtmi.com/caselaws?id=184758 The Tribunal ruled in favor of the assessee, setting aside the penalty imposed under section 13 of the Interest Tax Act, 1974 for the assessment year 2001-02. The decision was based on the bonafide nature of the claim for deduction of interest tax from borrowers, emphasizing that the penalty cannot be solely imposed due to subsequent decisions against the assessee. The Tribunal highlighted that there was no attempt to furnish inaccurate particulars of income, leading to the overturning of the Commissioner (Appeals) decision. en-us Fri, 13 Sep 2013 00:00:00 +0530 Wed, 16 Nov 2016 11:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=184758 The Tribunal ruled in favor of the assessee, setting aside the penalty imposed under section 13 of the Interest Tax Act, 1974 for the assessment year 2001-02. The decision was based on the bonafide nature of the claim for deduction of interest tax from borrowers, emphasizing that the penalty cannot be solely imposed due to subsequent decisions against the assessee. The Tribunal highlighted that there was no attempt to furnish inaccurate particulars of income, leading to the overturning of the Commissioner (Appeals) decision. Case-Laws Income Tax Fri, 13 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=184758