https://www.taxtmi.com/caselaws?id=379301 The Tribunal dismissed the quantum appeal as academic due to lack of merit, as the total income computation was not challenged by the assessee. However, the penalty appeal was allowed, with the penalty under section 271(1)(c) being set aside. The Tribunal considered the higher deduction claimed to be based on a bona fide opinion and not an attempt to conceal income, citing relevant legal precedents. The judgment highlighted the significance of good faith intentions and accurate disclosure in tax matters when determining penalties for tax claims. en-us Mon, 29 Apr 2019 00:00:00 +0530 Wed, 01 May 2019 06:36:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=379301 The Tribunal dismissed the quantum appeal as academic due to lack of merit, as the total income computation was not challenged by the assessee. However, the penalty appeal was allowed, with the penalty under section 271(1)(c) being set aside. The Tribunal considered the higher deduction claimed to be based on a bona fide opinion and not an attempt to conceal income, citing relevant legal precedents. The judgment highlighted the significance of good faith intentions and accurate disclosure in tax matters when determining penalties for tax claims. Case-Laws Income Tax Mon, 29 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=379301