https://www.taxtmi.com/caselaws?id=364653 The Tribunal allowed both appeals, canceling penalties imposed under section 271(1)(c) for assessment years 2007-08 and 2008-09. The delay in filing appeals was condoned due to the Convenor Finance's travel arrangements. The Tribunal considered the timing of law changes and nature of the claim, emphasizing that the incorrect claim did not amount to concealment. Penalties were canceled as the law favored the assessee at the time of filing returns, and all details were available in assessment records, making it unsuitable for penalty imposition. en-us Tue, 31 Jul 2018 00:00:00 +0530 Thu, 02 Aug 2018 07:51:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=364653 The Tribunal allowed both appeals, canceling penalties imposed under section 271(1)(c) for assessment years 2007-08 and 2008-09. The delay in filing appeals was condoned due to the Convenor Finance's travel arrangements. The Tribunal considered the timing of law changes and nature of the claim, emphasizing that the incorrect claim did not amount to concealment. Penalties were canceled as the law favored the assessee at the time of filing returns, and all details were available in assessment records, making it unsuitable for penalty imposition. Case-Laws Income Tax Tue, 31 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=364653