https://www.taxtmi.com/caselaws?id=344509 The Tribunal ruled in favor of the assessee, holding that the penalty under section 271(1)(c) of the Income Tax Act was unjustified. The Tribunal found that the assessee had disclosed all income particulars and claimed exemption under a bona fide belief, supported by relevant legal precedents. It was determined that the incorrect legal claim did not constitute furnishing inaccurate particulars of income when the information provided was not inaccurate. As a result, the penalty was deleted, and the appeal was allowed. en-us Tue, 23 May 2017 00:00:00 +0530 Mon, 19 Jun 2017 07:04:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=344509 The Tribunal ruled in favor of the assessee, holding that the penalty under section 271(1)(c) of the Income Tax Act was unjustified. The Tribunal found that the assessee had disclosed all income particulars and claimed exemption under a bona fide belief, supported by relevant legal precedents. It was determined that the incorrect legal claim did not constitute furnishing inaccurate particulars of income when the information provided was not inaccurate. As a result, the penalty was deleted, and the appeal was allowed. Case-Laws Income Tax Tue, 23 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=344509