https://www.taxtmi.com/caselaws?id=356045 The Court upheld the decision of the Tribunal to delete the penalty imposed under Section 271(1)(c) of the Income Tax Act. The Respondent acted in good faith, withdrew the deduction claim upon discovering its fraudulent nature, and made a full disclosure during assessment proceedings. The Court found the Respondent was misled into believing the institution was genuine, justifying the deletion of the penalty. As the Respondent did not claim the deduction in the return after assessment reopening and had disclosed ongoing investigations, the Court dismissed the appeal, ruling no substantial question of law and imposing no costs. en-us Wed, 07 Feb 2018 00:00:00 +0530 Fri, 23 Feb 2018 06:03:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=356045 The Court upheld the decision of the Tribunal to delete the penalty imposed under Section 271(1)(c) of the Income Tax Act. The Respondent acted in good faith, withdrew the deduction claim upon discovering its fraudulent nature, and made a full disclosure during assessment proceedings. The Court found the Respondent was misled into believing the institution was genuine, justifying the deletion of the penalty. As the Respondent did not claim the deduction in the return after assessment reopening and had disclosed ongoing investigations, the Court dismissed the appeal, ruling no substantial question of law and imposing no costs. Case-Laws Income Tax Wed, 07 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=356045