https://www.taxtmi.com/caselaws?id=186449 The Tribunal dismissed the revenue's appeal against the deletion of a penalty under section 271(1)(c) of the Income-tax Act, 1961, amounting to Rs. 52,589 imposed on the assessee for the assessment year 1988-89. The Tribunal found that the conditions for invoking Explanation 1 to section 271(1)(c) were not met, as the assessee's explanation was deemed bona fide, aligning with judicial precedents that emphasized the need for a guilty element for penal offense. The assessee's voluntary offer to pay tax on the gifts was considered a good faith effort to avoid harassment and litigation. en-us Tue, 05 Feb 2002 00:00:00 +0530 Mon, 19 Sep 2016 12:44:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186449 The Tribunal dismissed the revenue's appeal against the deletion of a penalty under section 271(1)(c) of the Income-tax Act, 1961, amounting to Rs. 52,589 imposed on the assessee for the assessment year 1988-89. The Tribunal found that the conditions for invoking Explanation 1 to section 271(1)(c) were not met, as the assessee's explanation was deemed bona fide, aligning with judicial precedents that emphasized the need for a guilty element for penal offense. The assessee's voluntary offer to pay tax on the gifts was considered a good faith effort to avoid harassment and litigation. Case-Laws Income Tax Tue, 05 Feb 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186449