https://www.taxtmi.com/caselaws?id=385886 The Tribunal allowed the appeal, canceling the penalty imposed under section 271(1)(c) of the Income Tax Act. The Tribunal held that the assessee provided a bona fide explanation and disclosed all material facts, concluding that the penalty was not warranted. The Tribunal set aside the CIT(A)'s decision, emphasizing that the issue of the security deposit was debatable and that no penalty should be imposed when the transaction nature is disclosed. The validity of the notice for penalty initiation was deemed not significant as the charges were clear in the assessment order. en-us Wed, 07 Aug 2019 00:00:00 +0530 Tue, 15 Oct 2019 16:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=385886 The Tribunal allowed the appeal, canceling the penalty imposed under section 271(1)(c) of the Income Tax Act. The Tribunal held that the assessee provided a bona fide explanation and disclosed all material facts, concluding that the penalty was not warranted. The Tribunal set aside the CIT(A)'s decision, emphasizing that the issue of the security deposit was debatable and that no penalty should be imposed when the transaction nature is disclosed. The validity of the notice for penalty initiation was deemed not significant as the charges were clear in the assessment order. Case-Laws Income Tax Wed, 07 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=385886