https://www.taxtmi.com/caselaws?id=336365 The tribunal allowed the appeal, ruling in favor of the assessee in a case concerning the levy of penalty under section 271(1)(C) for fringe benefits related to depreciation on a motor car. The judgment emphasized the inadvertent nature of the error, absence of malafide intent, and lack of concealment or furnishing inaccurate particulars. The penalty was deemed unjustified, considering the explanations provided and the first-year implementation of fringe benefit tax provisions. en-us Fri, 21 Oct 2016 00:00:00 +0530 Tue, 20 Dec 2016 10:11:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=336365 The tribunal allowed the appeal, ruling in favor of the assessee in a case concerning the levy of penalty under section 271(1)(C) for fringe benefits related to depreciation on a motor car. The judgment emphasized the inadvertent nature of the error, absence of malafide intent, and lack of concealment or furnishing inaccurate particulars. The penalty was deemed unjustified, considering the explanations provided and the first-year implementation of fringe benefit tax provisions. Case-Laws Income Tax Fri, 21 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=336365