https://www.taxtmi.com/caselaws?id=280430 The Tribunal found that the penalty under section 271(1)(c) of the Income Tax Act for the assessment year 2003-04 was not justified as the change in the head of income by the assessee was based on a genuine belief and legal precedent, not an attempt to conceal income. The penalty imposed by the Assessing Officer and confirmed by the Commissioner of Income Tax (Appeals) was set aside, and the appeal of the assessee was allowed. The decision was pronounced on 09.02.2015 by the Tribunal. en-us Mon, 09 Feb 2015 00:00:00 +0530 Sun, 05 May 2019 08:43:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=280430 The Tribunal found that the penalty under section 271(1)(c) of the Income Tax Act for the assessment year 2003-04 was not justified as the change in the head of income by the assessee was based on a genuine belief and legal precedent, not an attempt to conceal income. The penalty imposed by the Assessing Officer and confirmed by the Commissioner of Income Tax (Appeals) was set aside, and the appeal of the assessee was allowed. The decision was pronounced on 09.02.2015 by the Tribunal. Case-Laws Income Tax Mon, 09 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=280430