https://www.taxtmi.com/caselaws?id=13199 The court ruled in favor of the assessee, deleting penalties under section 271(1)(c) of the Income-tax Act, 1961, for claims of Rs. 1,83,492/- and Rs. 1,00,112/-. It found the first claim was based on a bona fide belief and the second was a bona fide mistake. The Tribunal's findings were upheld, confirming no conscious concealment or inaccurate particulars. The reference was answered without costs. en-us Fri, 28 Jul 2006 00:00:00 +0530 Thu, 29 Feb 2024 17:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13199 The court ruled in favor of the assessee, deleting penalties under section 271(1)(c) of the Income-tax Act, 1961, for claims of Rs. 1,83,492/- and Rs. 1,00,112/-. It found the first claim was based on a bona fide belief and the second was a bona fide mistake. The Tribunal's findings were upheld, confirming no conscious concealment or inaccurate particulars. The reference was answered without costs. Case-Laws Income Tax Fri, 28 Jul 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13199