https://www.taxtmi.com/caselaws?id=280883 The High Court upheld the Tribunal's decision to set aside the penalty imposed on the Respondent-Assessee under Section 271(1)(c) of the Income Tax Act, 1961. The Court found that the explanations provided by the Assessee were not false or non-bona fide, in line with relevant judicial precedents. Additionally, the excessive deduction under Section 10B and alleged excess stock were deemed tax neutral or based on debatable legal points, leading to the dismissal of the Revenue's appeal. The Court concluded that no substantial question of law merited further consideration, dismissing the appeal without costs. en-us Thu, 21 Jun 2018 00:00:00 +0530 Fri, 24 May 2019 12:10:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=280883 The High Court upheld the Tribunal's decision to set aside the penalty imposed on the Respondent-Assessee under Section 271(1)(c) of the Income Tax Act, 1961. The Court found that the explanations provided by the Assessee were not false or non-bona fide, in line with relevant judicial precedents. Additionally, the excessive deduction under Section 10B and alleged excess stock were deemed tax neutral or based on debatable legal points, leading to the dismissal of the Revenue's appeal. The Court concluded that no substantial question of law merited further consideration, dismissing the appeal without costs. Case-Laws Income Tax Thu, 21 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=280883