https://www.taxtmi.com/caselaws?id=19600 The High Court determined that the Tribunal was justified in finding the assessee's claims as bona fide, thus penalty under section 271(1)(c) of the Income-tax Act was not applicable. The Court emphasized that the claims were based on legitimate grounds and decisions, and there was no concealment of income or furnishing of inaccurate particulars. Therefore, the Court ruled in favor of the assessee, concluding that no legal issue arose from the Tribunal's decision, and both references were resolved in favor of the assessee and against the Revenue. en-us Tue, 09 Nov 1993 00:00:00 +0530 Sat, 07 Nov 2009 12:24:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19600 The High Court determined that the Tribunal was justified in finding the assessee's claims as bona fide, thus penalty under section 271(1)(c) of the Income-tax Act was not applicable. The Court emphasized that the claims were based on legitimate grounds and decisions, and there was no concealment of income or furnishing of inaccurate particulars. Therefore, the Court ruled in favor of the assessee, concluding that no legal issue arose from the Tribunal's decision, and both references were resolved in favor of the assessee and against the Revenue. Case-Laws Income Tax Tue, 09 Nov 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19600