https://www.taxtmi.com/caselaws?id=410297 The Tribunal dismissed both appeals by the Revenue, upholding the CIT(A)'s decision to delete the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961. The Tribunal emphasized that the assessee's actions were bona fide and based on valid approvals at the time of filing the return. The retrospective withdrawal of approval granted to the organization did not justify the imposition of penalties for inaccurate particulars of income. en-us Wed, 28 Jul 2021 00:00:00 +0530 Thu, 29 Jul 2021 10:52:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410297 The Tribunal dismissed both appeals by the Revenue, upholding the CIT(A)'s decision to delete the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961. The Tribunal emphasized that the assessee's actions were bona fide and based on valid approvals at the time of filing the return. The retrospective withdrawal of approval granted to the organization did not justify the imposition of penalties for inaccurate particulars of income. Case-Laws Income Tax Wed, 28 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410297