https://www.taxtmi.com/caselaws?id=332942 The Tribunal upheld the Ld. CIT(A)'s decision to delete the penalty of Rs. 13 crores imposed under section 271(1)(c) of the Income Tax Act. The Tribunal found that the assessee had a bonafide belief regarding the tax liability, supported by agreements and subsequent actions. It concluded that there was no intention to conceal income, as evidenced by voluntary surrender of the amount and payment of taxes. The judgment emphasized the importance of considering the bonafide belief of the taxpayer to prevent unjust penalties for alleged income concealment. en-us Thu, 18 Aug 2016 00:00:00 +0530 Fri, 30 Sep 2016 14:24:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332942 The Tribunal upheld the Ld. CIT(A)'s decision to delete the penalty of Rs. 13 crores imposed under section 271(1)(c) of the Income Tax Act. The Tribunal found that the assessee had a bonafide belief regarding the tax liability, supported by agreements and subsequent actions. It concluded that there was no intention to conceal income, as evidenced by voluntary surrender of the amount and payment of taxes. The judgment emphasized the importance of considering the bonafide belief of the taxpayer to prevent unjust penalties for alleged income concealment. Case-Laws Income Tax Thu, 18 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332942