https://www.taxtmi.com/caselaws?id=189053 The Tribunal upheld the cancellation of the penalty imposed under section 271(1)(c) of the Income Tax Act for the assessment year 2002-03. The appellant's treatment of interest income, differing from the Assessing Officer's approach, was deemed valid, and not grounds for penalty. The Tribunal emphasized the importance of a bonafide explanation and precedent in tax matters, leading to the dismissal of the Revenue's appeal. en-us Fri, 05 Mar 2010 00:00:00 +0530 Tue, 27 Dec 2016 10:28:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189053 The Tribunal upheld the cancellation of the penalty imposed under section 271(1)(c) of the Income Tax Act for the assessment year 2002-03. The appellant's treatment of interest income, differing from the Assessing Officer's approach, was deemed valid, and not grounds for penalty. The Tribunal emphasized the importance of a bonafide explanation and precedent in tax matters, leading to the dismissal of the Revenue's appeal. Case-Laws Income Tax Fri, 05 Mar 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189053