https://www.taxtmi.com/caselaws?id=192987 The tribunal set aside penalties imposed under section 271(1)(c) of the Income Tax Act for assessment years 2006-07 to 2008-09 due to lack of registration under section 12AA. Emphasizing the assessee's bonafide belief and consistent disclosure of facts, the tribunal ruled in favor of the assessee, canceling all penalties. The judgment underscored the significance of maintaining consistency in tax assessments and upheld the principle that penalties should not apply when there is no intent to conceal income. en-us Wed, 02 Mar 2016 00:00:00 +0530 Fri, 07 Jul 2017 14:23:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192987 The tribunal set aside penalties imposed under section 271(1)(c) of the Income Tax Act for assessment years 2006-07 to 2008-09 due to lack of registration under section 12AA. Emphasizing the assessee's bonafide belief and consistent disclosure of facts, the tribunal ruled in favor of the assessee, canceling all penalties. The judgment underscored the significance of maintaining consistency in tax assessments and upheld the principle that penalties should not apply when there is no intent to conceal income. Case-Laws Income Tax Wed, 02 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192987