https://www.taxtmi.com/caselaws?id=396575 The ITAT set aside the CIT(A)'s order, quashing the penalty of Rs. 3,24,450 imposed under Section 271(1)(c) of the Income Tax Act, 1961. The Tribunal determined that the assessee acted in good faith by withdrawing the deduction claim upon discovering irregularities in the institute's activities. Additionally, the Tribunal justified the delay in pronouncing the order due to the COVID-19 lockdown, aligning with the Supreme Court and Bombay HC's extensions of limitations during the pandemic. en-us Tue, 09 Jun 2020 00:00:00 +0530 Fri, 08 Nov 2024 11:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396575 The ITAT set aside the CIT(A)'s order, quashing the penalty of Rs. 3,24,450 imposed under Section 271(1)(c) of the Income Tax Act, 1961. The Tribunal determined that the assessee acted in good faith by withdrawing the deduction claim upon discovering irregularities in the institute's activities. Additionally, the Tribunal justified the delay in pronouncing the order due to the COVID-19 lockdown, aligning with the Supreme Court and Bombay HC's extensions of limitations during the pandemic. Case-Laws Income Tax Tue, 09 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396575