https://www.taxtmi.com/caselaws?id=393446 The Tribunal upheld the validity of the notice issued under section 274 read with section 271(1)(c) of the Income Tax Act but deleted the penalty imposed on the appellant. The Tribunal found that the appellant had a bona fide belief in the claim and voluntarily corrected the error before detection by the Assessing Officer. Consequently, the penalty of Rs. 1,58,30,000 was removed, and the appeal was partly allowed. The issue regarding the calculation of the penalty amount was considered moot following the deletion of the penalty. en-us Mon, 10 Feb 2020 00:00:00 +0530 Mon, 16 Mar 2020 07:53:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393446 The Tribunal upheld the validity of the notice issued under section 274 read with section 271(1)(c) of the Income Tax Act but deleted the penalty imposed on the appellant. The Tribunal found that the appellant had a bona fide belief in the claim and voluntarily corrected the error before detection by the Assessing Officer. Consequently, the penalty of Rs. 1,58,30,000 was removed, and the appeal was partly allowed. The issue regarding the calculation of the penalty amount was considered moot following the deletion of the penalty. Case-Laws Income Tax Mon, 10 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393446