https://www.taxtmi.com/caselaws?id=272443 The Tribunal set aside the penalty imposed under section 271(1)(c) of the Income Tax Act by the Commissioner of Income Tax (Appeals) for the assessment year 2008-09. The Tribunal found that the disallowances were inadvertent mistakes and not intentional concealment, emphasizing that penalties should not be imposed for technical breaches or bonafide beliefs. Citing precedents, the Tribunal concluded that the penalty was not justified due to the lack of contumacious conduct by the Assessee, ultimately leading to the deletion of the penalty. en-us Fri, 14 Dec 2012 00:00:00 +0530 Thu, 03 May 2018 15:37:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272443 The Tribunal set aside the penalty imposed under section 271(1)(c) of the Income Tax Act by the Commissioner of Income Tax (Appeals) for the assessment year 2008-09. The Tribunal found that the disallowances were inadvertent mistakes and not intentional concealment, emphasizing that penalties should not be imposed for technical breaches or bonafide beliefs. Citing precedents, the Tribunal concluded that the penalty was not justified due to the lack of contumacious conduct by the Assessee, ultimately leading to the deletion of the penalty. Case-Laws Income Tax Fri, 14 Dec 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272443