https://www.taxtmi.com/caselaws?id=196447 The Tribunal set aside the penalty imposed under section 271(1)(c) for Assessment Years 2005-06 & 2007-08, following the precedent of a similar case where the penalty was deleted based on the genuine belief of the assessee regarding expense claims. The Tribunal emphasized that not every addition in assessment automatically warrants penalty imposition and accepted the explanation provided by the assessee as genuine, leading to the deletion of the penalty in this case. Both appeals were allowed based on the same reasoning, stressing the importance of evaluating penalties considering the bonafide nature of explanations provided by the assessee. en-us Fri, 30 Sep 2016 00:00:00 +0530 Fri, 01 Dec 2017 07:29:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=196447 The Tribunal set aside the penalty imposed under section 271(1)(c) for Assessment Years 2005-06 & 2007-08, following the precedent of a similar case where the penalty was deleted based on the genuine belief of the assessee regarding expense claims. The Tribunal emphasized that not every addition in assessment automatically warrants penalty imposition and accepted the explanation provided by the assessee as genuine, leading to the deletion of the penalty in this case. Both appeals were allowed based on the same reasoning, stressing the importance of evaluating penalties considering the bonafide nature of explanations provided by the assessee. Case-Laws Income Tax Fri, 30 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=196447