https://www.taxtmi.com/caselaws?id=335851 The Court upheld the Tribunal's decision not to impose a penalty on the assessee under section 271(1)(c) of the Income Tax Act, 1961 for the assessment year 2004-2005. The Tribunal found the change in the claim basis was voluntary and not indicative of any malafide intent, as supported by a legal opinion. Since there was no financial impact from the change and no evidence of inaccuracies or malafides, the Court dismissed the appeal, ruling that there were no substantial questions of law. The respondent's cross objections were not considered following the appeal's dismissal. en-us Wed, 30 Nov 2016 00:00:00 +0530 Wed, 15 Mar 2017 12:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335851 The Court upheld the Tribunal's decision not to impose a penalty on the assessee under section 271(1)(c) of the Income Tax Act, 1961 for the assessment year 2004-2005. The Tribunal found the change in the claim basis was voluntary and not indicative of any malafide intent, as supported by a legal opinion. Since there was no financial impact from the change and no evidence of inaccuracies or malafides, the Court dismissed the appeal, ruling that there were no substantial questions of law. The respondent's cross objections were not considered following the appeal's dismissal. Case-Laws Income Tax Wed, 30 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335851