https://www.taxtmi.com/caselaws?id=337697 The Tribunal ruled in favor of the appellant, determining that the reclassification of income without evidence of inaccurate particulars did not justify the penalty under section 271(1)(c) of the Income Tax Act, 1961. The decision emphasized the importance of a bona fide belief in income classification and aligned with established legal precedents. As a result, the penalty of &8377;1,18,735/- for A.Y. 2008-09 was deleted, and the appeal was allowed. en-us Wed, 11 Jan 2017 00:00:00 +0530 Thu, 12 Jan 2017 19:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337697 The Tribunal ruled in favor of the appellant, determining that the reclassification of income without evidence of inaccurate particulars did not justify the penalty under section 271(1)(c) of the Income Tax Act, 1961. The decision emphasized the importance of a bona fide belief in income classification and aligned with established legal precedents. As a result, the penalty of &8377;1,18,735/- for A.Y. 2008-09 was deleted, and the appeal was allowed. Case-Laws Income Tax Wed, 11 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337697