https://www.taxtmi.com/caselaws?id=346238 The High Court affirmed the decision of the ITAT, upholding penalties imposed under Sections 273(2)(a) and 140A(3) of the Income Tax Act. The court held that the assessee's actions were not bona fide, as its income had been consistently treated as taxable for over forty years. The penalties were deemed justified as the assessee lacked a reasonable belief that its income was exempt, leading to non-compliance with tax obligations. The court upheld the penalties imposed by the Assessing Officer and confirmed by the ITAT. en-us Fri, 04 Aug 2017 00:00:00 +0530 Sat, 18 Nov 2017 14:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=346238 The High Court affirmed the decision of the ITAT, upholding penalties imposed under Sections 273(2)(a) and 140A(3) of the Income Tax Act. The court held that the assessee's actions were not bona fide, as its income had been consistently treated as taxable for over forty years. The penalties were deemed justified as the assessee lacked a reasonable belief that its income was exempt, leading to non-compliance with tax obligations. The court upheld the penalties imposed by the Assessing Officer and confirmed by the ITAT. Case-Laws Income Tax Fri, 04 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=346238