https://www.taxtmi.com/caselaws?id=281564 The Tribunal dismissed the Revenue's appeals, upholding the CIT(A)'s decision to delete penalties under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found that the assessee's actions in filing and revising returns promptly after discovering errors demonstrated a bona fide belief and correction, not warranting penalties. The Tribunal also noted that the cases cited by the Assessing Officer were not applicable to the present circumstances. The appeals were dismissed, and the order was pronounced on 6th August 2012. en-us Mon, 06 Aug 2012 00:00:00 +0530 Tue, 25 Jun 2019 14:21:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=281564 The Tribunal dismissed the Revenue's appeals, upholding the CIT(A)'s decision to delete penalties under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found that the assessee's actions in filing and revising returns promptly after discovering errors demonstrated a bona fide belief and correction, not warranting penalties. The Tribunal also noted that the cases cited by the Assessing Officer were not applicable to the present circumstances. The appeals were dismissed, and the order was pronounced on 6th August 2012. Case-Laws Income Tax Mon, 06 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=281564