https://www.taxtmi.com/caselaws?id=331137 The High Court upheld the Tribunal's decision to cancel the penalty under section 271(1)(c) of the Income-tax Act, ruling in favor of the assessee against the revenue. The Court found that the appellant's claims were based on advice from their Chartered Accountant and technical eligibility for deductions, without deliberate intent to falsify. Consequently, the High Court dismissed the appeal, concluding that the explanation provided by the appellant was genuine, and there was no deliberate falsification, leading to the cancellation of the penalty. en-us Thu, 04 Aug 2016 00:00:00 +0530 Sat, 13 Aug 2016 12:57:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331137 The High Court upheld the Tribunal's decision to cancel the penalty under section 271(1)(c) of the Income-tax Act, ruling in favor of the assessee against the revenue. The Court found that the appellant's claims were based on advice from their Chartered Accountant and technical eligibility for deductions, without deliberate intent to falsify. Consequently, the High Court dismissed the appeal, concluding that the explanation provided by the appellant was genuine, and there was no deliberate falsification, leading to the cancellation of the penalty. Case-Laws Income Tax Thu, 04 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331137