https://www.taxtmi.com/caselaws?id=413162 The Tribunal set aside the penalty imposed by the Assessing Officer under Section 271(1)(c) of the Income Tax Act, 1961, concluding that the assessee's actions were based on a bonafide belief and there was no intent to evade taxes. The revised return of income changing the characterization of rental income was deemed valid, and the re-characterization of income did not warrant the penalty. The appeal was allowed, and the penalty of Rs. 17,48,297/- was vacated. en-us Mon, 27 Sep 2021 00:00:00 +0530 Wed, 06 Oct 2021 08:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413162 The Tribunal set aside the penalty imposed by the Assessing Officer under Section 271(1)(c) of the Income Tax Act, 1961, concluding that the assessee's actions were based on a bonafide belief and there was no intent to evade taxes. The revised return of income changing the characterization of rental income was deemed valid, and the re-characterization of income did not warrant the penalty. The appeal was allowed, and the penalty of Rs. 17,48,297/- was vacated. Case-Laws Income Tax Mon, 27 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413162