https://www.taxtmi.com/caselaws?id=340674 The Appellate Tribunal ITAT Pune allowed the assessee's appeal and dismissed the Revenue's appeal regarding penalty assessment under section 271(1)(c) of the Income-tax Act, 1961. The Tribunal held that denial of set off against deemed income did not warrant a penalty, and directed the Assessing Officer to delete the penalty imposed for the declaration of unexplained investment, as it was made in good faith. The judgment underscored the significance of interpreting penalty provisions in light of the factual circumstances and intent behind income declarations. en-us Fri, 17 Mar 2017 00:00:00 +0530 Fri, 24 Mar 2017 13:30:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=340674 The Appellate Tribunal ITAT Pune allowed the assessee's appeal and dismissed the Revenue's appeal regarding penalty assessment under section 271(1)(c) of the Income-tax Act, 1961. The Tribunal held that denial of set off against deemed income did not warrant a penalty, and directed the Assessing Officer to delete the penalty imposed for the declaration of unexplained investment, as it was made in good faith. The judgment underscored the significance of interpreting penalty provisions in light of the factual circumstances and intent behind income declarations. Case-Laws Income Tax Fri, 17 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=340674