https://www.taxtmi.com/caselaws?id=378533 The High Court of Bombay dismissed the appeals challenging the deletion of concealment penalty under Section 271(1)(c) of the Income Tax Act, 1961. The court upheld the Tribunal's finding that the assessee's claim was based on a bonafide interpretation of the law and not an intentional misrepresentation. Emphasizing that penalty proceedings should not stem from the rejection of a genuine claim, the court cited precedent to support its decision. The revenue's appeal against the deletion of the penalty was rejected, affirming that a bonafide claim, even if ultimately disallowed, does not automatically lead to a penalty imposition. en-us Mon, 08 Apr 2019 00:00:00 +0530 Wed, 17 Apr 2019 10:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=378533 The High Court of Bombay dismissed the appeals challenging the deletion of concealment penalty under Section 271(1)(c) of the Income Tax Act, 1961. The court upheld the Tribunal's finding that the assessee's claim was based on a bonafide interpretation of the law and not an intentional misrepresentation. Emphasizing that penalty proceedings should not stem from the rejection of a genuine claim, the court cited precedent to support its decision. The revenue's appeal against the deletion of the penalty was rejected, affirming that a bonafide claim, even if ultimately disallowed, does not automatically lead to a penalty imposition. Case-Laws Income Tax Mon, 08 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=378533