https://www.taxtmi.com/caselaws?id=367140 The High Court upheld the Tribunal's decision to delete the penalty imposed under Section 271(1)(c) of the Income Tax Act. The appellant Revenue's challenge was dismissed as the Tribunal found the netting of interest by the respondent-assessee to be bona fide, directly linked to their business income as a 100% export-oriented unit. The Court agreed with the Tribunal's conclusion that the interest earned should be treated as income from other sources, not eligible for deduction under Section 10B. The Tribunal's findings on the discharge of onus under Explanation 1 to Section 271(1)(c) were also upheld, with the Court finding no basis to interfere with the Tribunal's decision. en-us Mon, 27 Aug 2018 00:00:00 +0530 Fri, 14 Sep 2018 14:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=367140 The High Court upheld the Tribunal's decision to delete the penalty imposed under Section 271(1)(c) of the Income Tax Act. The appellant Revenue's challenge was dismissed as the Tribunal found the netting of interest by the respondent-assessee to be bona fide, directly linked to their business income as a 100% export-oriented unit. The Court agreed with the Tribunal's conclusion that the interest earned should be treated as income from other sources, not eligible for deduction under Section 10B. The Tribunal's findings on the discharge of onus under Explanation 1 to Section 271(1)(c) were also upheld, with the Court finding no basis to interfere with the Tribunal's decision. Case-Laws Income Tax Mon, 27 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=367140