https://www.taxtmi.com/caselaws?id=339408 The Tribunal upheld the decision to delete the penalty under section 271(1)(c) of the Income Tax Act for the assessment years 2003-04, 2004-05, and 2005-06. The Department's appeals were dismissed as the assessee's incorrect claim for deduction was made in good faith, with accurate disclosure of investment details, not constituting inaccurate particulars of income. The Tribunal emphasized that mere incorrect legal interpretation does not warrant penalty if information provided is not false. en-us Fri, 10 Feb 2017 00:00:00 +0530 Sat, 25 Feb 2017 15:33:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=339408 The Tribunal upheld the decision to delete the penalty under section 271(1)(c) of the Income Tax Act for the assessment years 2003-04, 2004-05, and 2005-06. The Department's appeals were dismissed as the assessee's incorrect claim for deduction was made in good faith, with accurate disclosure of investment details, not constituting inaccurate particulars of income. The Tribunal emphasized that mere incorrect legal interpretation does not warrant penalty if information provided is not false. Case-Laws Income Tax Fri, 10 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=339408