https://www.taxtmi.com/caselaws?id=187271 The ITAT Mumbai ruled in favor of the assessee, directing the deletion of the penalty imposed under section 271(1)(c) for the assessment year 1997-98. The Tribunal found that the assessee's claim for exemption u/s 54F was made in good faith, supported by relevant case law, and did not involve concealment or inaccurate particulars of income. Despite the incorrect claim, the Tribunal held that there was no justification for the penalty as the information provided was not found to be incorrect or inaccurate, following legal precedents and a Supreme Court decision. en-us Fri, 30 Apr 2010 00:00:00 +0530 Mon, 17 Oct 2016 10:05:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=187271 The ITAT Mumbai ruled in favor of the assessee, directing the deletion of the penalty imposed under section 271(1)(c) for the assessment year 1997-98. The Tribunal found that the assessee's claim for exemption u/s 54F was made in good faith, supported by relevant case law, and did not involve concealment or inaccurate particulars of income. Despite the incorrect claim, the Tribunal held that there was no justification for the penalty as the information provided was not found to be incorrect or inaccurate, following legal precedents and a Supreme Court decision. Case-Laws Income Tax Fri, 30 Apr 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=187271