https://www.taxtmi.com/caselaws?id=199996 The penalty of Rs. 7,28,621/- levied by the AO under section 271(1)(c) of the Income Tax Act was canceled by the Tribunal. The Tribunal held that the assessee's claim, although incorrect, was made in good faith and was withdrawn during assessment proceedings, therefore not warranting the penalty. The Tribunal also clarified that even a well-reasoned order by the CIT(A) can be reversed if found to be legally incorrect or based on a wrong appreciation of facts. en-us Thu, 25 Jul 2013 00:00:00 +0530 Fri, 16 Mar 2018 16:38:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=199996 The penalty of Rs. 7,28,621/- levied by the AO under section 271(1)(c) of the Income Tax Act was canceled by the Tribunal. The Tribunal held that the assessee's claim, although incorrect, was made in good faith and was withdrawn during assessment proceedings, therefore not warranting the penalty. The Tribunal also clarified that even a well-reasoned order by the CIT(A) can be reversed if found to be legally incorrect or based on a wrong appreciation of facts. Case-Laws Income Tax Thu, 25 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=199996