https://www.taxtmi.com/caselaws?id=285016 The Tribunal upheld the CIT(A)'s decision to delete the penalty levied under section 271(1)(c) of the Act for Assessment Years 2006-07 and 2007-08. The Revenue's appeals were dismissed as the assessee's claim regarding Double Income Tax Relief for the Hong Kong branch was made in good faith, based on prevailing circumstances and legal precedents. The Tribunal ruled that the penalty was not warranted as there was no deliberate concealment of income, and the error lay in the tax liability computation. Therefore, no penalty under section 271(1)(c) was deemed applicable in this case. en-us Thu, 14 Feb 2013 00:00:00 +0530 Sat, 21 Dec 2019 14:29:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285016 The Tribunal upheld the CIT(A)'s decision to delete the penalty levied under section 271(1)(c) of the Act for Assessment Years 2006-07 and 2007-08. The Revenue's appeals were dismissed as the assessee's claim regarding Double Income Tax Relief for the Hong Kong branch was made in good faith, based on prevailing circumstances and legal precedents. The Tribunal ruled that the penalty was not warranted as there was no deliberate concealment of income, and the error lay in the tax liability computation. Therefore, no penalty under section 271(1)(c) was deemed applicable in this case. Case-Laws Income Tax Thu, 14 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285016