https://www.taxtmi.com/caselaws?id=282401 The ITAT ruled in favor of the assessee, setting aside the penalty levied under section 271(1)(c) for the assessment years 2009-10 and 2010-11. The ITAT found the assessee's belief regarding the nature of the advance to be bona fide, leading to the deletion of the penalty of Rs. 10,99,518. The ITAT emphasized that the assessee disclosed all material facts, had a genuine belief, and lacked any intention to evade tax, thereby allowing the appeals for both assessment years. en-us Mon, 28 Aug 2017 00:00:00 +0530 Tue, 06 Aug 2019 20:29:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282401 The ITAT ruled in favor of the assessee, setting aside the penalty levied under section 271(1)(c) for the assessment years 2009-10 and 2010-11. The ITAT found the assessee's belief regarding the nature of the advance to be bona fide, leading to the deletion of the penalty of Rs. 10,99,518. The ITAT emphasized that the assessee disclosed all material facts, had a genuine belief, and lacked any intention to evade tax, thereby allowing the appeals for both assessment years. Case-Laws Income Tax Mon, 28 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282401