https://www.taxtmi.com/caselaws?id=377762 The Tribunal upheld the CIT(A)'s decision to cancel the penalty imposed under section 271(1)(c) of the Income Tax Act for the assessment year 2011-12. The Tribunal found that the appellant had a bonafide belief in the tax treatment of the transaction, voluntarily disclosed the capital gain details, and there were no specific reasons provided by the Assessing Officer for initiating the penalty. The decision emphasized the importance of bonafide intentions and proper interpretation of facts in tax penalty cases. en-us Fri, 29 Mar 2019 00:00:00 +0530 Tue, 02 Apr 2019 14:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=377762 The Tribunal upheld the CIT(A)'s decision to cancel the penalty imposed under section 271(1)(c) of the Income Tax Act for the assessment year 2011-12. The Tribunal found that the appellant had a bonafide belief in the tax treatment of the transaction, voluntarily disclosed the capital gain details, and there were no specific reasons provided by the Assessing Officer for initiating the penalty. The decision emphasized the importance of bonafide intentions and proper interpretation of facts in tax penalty cases. Case-Laws Income Tax Fri, 29 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=377762