https://www.taxtmi.com/caselaws?id=429494 The SC upheld the Tribunal's decision to delete the penalty under section 271(1)(c) of the Income Tax Act for the assessment year 2007-2008 in the appeal filed by Revenue. The Tribunal found that the rectification of the mistake by the assessee in the subsequent year demonstrated no mens rea, justifying the deletion of the penalty. The Court agreed that no substantial question of law arose, supporting the Tribunal's decision based on the absence of malafide intentions and the bona fide nature of the mistake rectification. en-us Tue, 06 Sep 2022 00:00:00 +0530 Sat, 29 Oct 2022 09:20:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429494 The SC upheld the Tribunal's decision to delete the penalty under section 271(1)(c) of the Income Tax Act for the assessment year 2007-2008 in the appeal filed by Revenue. The Tribunal found that the rectification of the mistake by the assessee in the subsequent year demonstrated no mens rea, justifying the deletion of the penalty. The Court agreed that no substantial question of law arose, supporting the Tribunal's decision based on the absence of malafide intentions and the bona fide nature of the mistake rectification. Case-Laws Income Tax Tue, 06 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429494