https://www.taxtmi.com/caselaws?id=356512 The Tribunal upheld the CIT(A)'s decision to delete the penalty under Section 271(1)(c) of the Income-tax Act, finding that the assessee's claim of foreign exchange fluctuation loss was made in good faith and not with the intent to conceal income or provide inaccurate information. The Tribunal emphasized that penalties should not be imposed casually and must be supported by clear evidence of wrongdoing. The Revenue's appeal was dismissed. en-us Thu, 22 Feb 2018 00:00:00 +0530 Wed, 28 Feb 2018 15:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=356512 The Tribunal upheld the CIT(A)'s decision to delete the penalty under Section 271(1)(c) of the Income-tax Act, finding that the assessee's claim of foreign exchange fluctuation loss was made in good faith and not with the intent to conceal income or provide inaccurate information. The Tribunal emphasized that penalties should not be imposed casually and must be supported by clear evidence of wrongdoing. The Revenue's appeal was dismissed. Case-Laws Income Tax Thu, 22 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=356512