https://www.taxtmi.com/caselaws?id=375182 The ITAT dismissed the revenue's appeals, upholding the CIT(A)'s decision to delete penalties under Section 271(1)(c). It concluded that the assessee did not conceal income or furnish inaccurate particulars, based on a bona fide belief. The transaction was classified as business income, taxable in the assessment year 2008-09, as finalized in the previous year. en-us Wed, 13 Feb 2019 00:00:00 +0530 Thu, 14 Feb 2019 12:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375182 The ITAT dismissed the revenue's appeals, upholding the CIT(A)'s decision to delete penalties under Section 271(1)(c). It concluded that the assessee did not conceal income or furnish inaccurate particulars, based on a bona fide belief. The transaction was classified as business income, taxable in the assessment year 2008-09, as finalized in the previous year. Case-Laws Income Tax Wed, 13 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375182