https://www.taxtmi.com/caselaws?id=339497 The High Court dismissed the appeal challenging a penalty under Section 271(1)(c) of the Income Tax Act. The court upheld lower authorities' decisions that the penalty of Rs. 42,00,000 on the assessee was unjustified, emphasizing the bona fide nature of the assessee's mistake in claiming a deduction under Section 10A. The court found the assessee's belief genuine, supported by relevant disclosures, and distinguished the case from precedents cited by the Revenue. The judgment underscored the importance of factual findings and the absence of concealment in tax penalty cases. en-us Fri, 17 Feb 2017 00:00:00 +0530 Tue, 28 Feb 2017 11:43:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=339497 The High Court dismissed the appeal challenging a penalty under Section 271(1)(c) of the Income Tax Act. The court upheld lower authorities' decisions that the penalty of Rs. 42,00,000 on the assessee was unjustified, emphasizing the bona fide nature of the assessee's mistake in claiming a deduction under Section 10A. The court found the assessee's belief genuine, supported by relevant disclosures, and distinguished the case from precedents cited by the Revenue. The judgment underscored the importance of factual findings and the absence of concealment in tax penalty cases. Case-Laws Income Tax Fri, 17 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=339497