https://www.taxtmi.com/caselaws?id=367145 The Tribunal upheld the cancellation of the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. It found that the assessee had not concealed income particulars and genuinely believed that the incentives received were not taxable under section 115JB. The Tribunal emphasized the assessee's good faith and lack of intent to conceal income, leading to the dismissal of the Tax Appeals. The decision underscored the significance of the assessee's interpretation and belief in determining penalty applicability under the Act. en-us Tue, 11 Sep 2018 00:00:00 +0530 Sat, 15 Sep 2018 07:40:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=367145 The Tribunal upheld the cancellation of the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. It found that the assessee had not concealed income particulars and genuinely believed that the incentives received were not taxable under section 115JB. The Tribunal emphasized the assessee's good faith and lack of intent to conceal income, leading to the dismissal of the Tax Appeals. The decision underscored the significance of the assessee's interpretation and belief in determining penalty applicability under the Act. Case-Laws Income Tax Tue, 11 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=367145