https://www.taxtmi.com/caselaws?id=333501 The Tribunal allowed the appeal, setting aside the penalty of Rs. 4,99,520 imposed under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal held that the assessee's claim was made in good faith and supported by an auditor's certificate, thus not warranting the penalty. Consequently, the penalty was deleted, and the decision was pronounced on 16th August 2016. en-us Tue, 16 Aug 2016 00:00:00 +0530 Sun, 09 Oct 2016 17:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333501 The Tribunal allowed the appeal, setting aside the penalty of Rs. 4,99,520 imposed under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal held that the assessee's claim was made in good faith and supported by an auditor's certificate, thus not warranting the penalty. Consequently, the penalty was deleted, and the decision was pronounced on 16th August 2016. Case-Laws Income Tax Tue, 16 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333501