https://www.taxtmi.com/caselaws?id=346175 The Tribunal upheld the deletion of a penalty of Rs. 18,02,291 under section 271(1)(c) of the Act, finding the assessee's explanation for not filing the return genuine and based on a bona fide belief regarding taxability under the Tax Treaty provisions. As there was no evidence of concealment or furnishing inaccurate particulars of income, the Revenue's appeal was dismissed. The decision emphasized the significance of assessing the genuineness of explanations in penalty proceedings, particularly in cases involving debatable tax issues. en-us Fri, 28 Apr 2017 00:00:00 +0530 Fri, 04 Aug 2017 17:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=346175 The Tribunal upheld the deletion of a penalty of Rs. 18,02,291 under section 271(1)(c) of the Act, finding the assessee's explanation for not filing the return genuine and based on a bona fide belief regarding taxability under the Tax Treaty provisions. As there was no evidence of concealment or furnishing inaccurate particulars of income, the Revenue's appeal was dismissed. The decision emphasized the significance of assessing the genuineness of explanations in penalty proceedings, particularly in cases involving debatable tax issues. Case-Laws Income Tax Fri, 28 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=346175