https://www.taxtmi.com/caselaws?id=279534 The High Court dismissed the Tax Appeal in a case involving penalties under Section 271(1)(c) of the Income Tax Act. The Tribunal justified the deletion of penalties related to capital gains wrongly claimed as exempt and a dispute with mala fide intention. The Tribunal considered full disclosure, presence of doubt in tax claims, legal advice, and pending appeals in the High Court as factors leading to the dismissal of the Revenue's appeal against penalty deletion. The judgment underscores the importance of full disclosure, legal advice, and pending appeals in determining penalties under the Income Tax Act. en-us Wed, 13 Jun 2018 00:00:00 +0530 Sat, 23 Mar 2019 10:18:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279534 The High Court dismissed the Tax Appeal in a case involving penalties under Section 271(1)(c) of the Income Tax Act. The Tribunal justified the deletion of penalties related to capital gains wrongly claimed as exempt and a dispute with mala fide intention. The Tribunal considered full disclosure, presence of doubt in tax claims, legal advice, and pending appeals in the High Court as factors leading to the dismissal of the Revenue's appeal against penalty deletion. The judgment underscores the importance of full disclosure, legal advice, and pending appeals in determining penalties under the Income Tax Act. Case-Laws Income Tax Wed, 13 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279534