https://www.taxtmi.com/caselaws?id=32804 The High Court dismissed the appeal, affirming the Tribunal's decision to set aside the penalty imposed under Section 271 B of the Income Tax Act. The Court held that the absence of tax liability and the appellant's lack of intention to cause revenue loss justified the ruling, as the income was deductible under Section 80 P. The Court concluded that in such circumstances, the penalty was not warranted, resolving the legal question and dismissing the appeal. en-us Thu, 12 Feb 2009 00:00:00 +0530 Fri, 03 Apr 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=32804 The High Court dismissed the appeal, affirming the Tribunal's decision to set aside the penalty imposed under Section 271 B of the Income Tax Act. The Court held that the absence of tax liability and the appellant's lack of intention to cause revenue loss justified the ruling, as the income was deductible under Section 80 P. The Court concluded that in such circumstances, the penalty was not warranted, resolving the legal question and dismissing the appeal. Case-Laws Income Tax Thu, 12 Feb 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=32804