https://www.taxtmi.com/caselaws?id=341198 The Tribunal allowed the appeal, setting aside the penalty imposed under section 271(1)(c) of the Income Tax Act. It held that the assessee's claim, though ultimately unsustainable, was made in good faith based on a plausible interpretation of the law, with full disclosure in the return of income. Procedural objections were rejected, affirming the validity of the penalty proceedings. The order confirming the penalty was reversed, and the penalty was annulled. en-us Tue, 10 Jan 2017 00:00:00 +0530 Tue, 04 Apr 2017 09:59:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=341198 The Tribunal allowed the appeal, setting aside the penalty imposed under section 271(1)(c) of the Income Tax Act. It held that the assessee's claim, though ultimately unsustainable, was made in good faith based on a plausible interpretation of the law, with full disclosure in the return of income. Procedural objections were rejected, affirming the validity of the penalty proceedings. The order confirming the penalty was reversed, and the penalty was annulled. Case-Laws Income Tax Tue, 10 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=341198