https://www.taxtmi.com/caselaws?id=392380 The ITAT ruled in favor of the appellant, an auto parts manufacturer in liquidation, by directing the deletion of the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The tribunal found that the foreign exchange loss claim, initially disallowed, was a bona fide error without intent to evade tax. Citing precedents from the SC, the ITAT concluded that the penalty was unjustified, thereby allowing the appeal and revoking the penalty of Rs. 6,54,85,242/-. en-us Wed, 04 Dec 2019 00:00:00 +0530 Thu, 07 Nov 2024 11:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392380 The ITAT ruled in favor of the appellant, an auto parts manufacturer in liquidation, by directing the deletion of the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The tribunal found that the foreign exchange loss claim, initially disallowed, was a bona fide error without intent to evade tax. Citing precedents from the SC, the ITAT concluded that the penalty was unjustified, thereby allowing the appeal and revoking the penalty of Rs. 6,54,85,242/-. Case-Laws Income Tax Wed, 04 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392380