https://www.taxtmi.com/caselaws?id=189894 The Tribunal held that no penalty could be imposed under section 271(1)(c) on the cooperative society as it had no guilty intention and the entry of Rs. 12,88,165 was made in a bona fide manner with full disclosure. Due to continuous losses, the society had no motive to evade tax. The Tribunal concluded that penalty provisions apply only to cases with positive income, and since the society had no taxable income, the penalty of Rs. 6,50,000 was cancelled, and the appeal was allowed. en-us Thu, 19 Oct 1989 00:00:00 +0530 Tue, 24 Jan 2017 18:30:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189894 The Tribunal held that no penalty could be imposed under section 271(1)(c) on the cooperative society as it had no guilty intention and the entry of Rs. 12,88,165 was made in a bona fide manner with full disclosure. Due to continuous losses, the society had no motive to evade tax. The Tribunal concluded that penalty provisions apply only to cases with positive income, and since the society had no taxable income, the penalty of Rs. 6,50,000 was cancelled, and the appeal was allowed. Case-Laws Income Tax Thu, 19 Oct 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189894