https://www.taxtmi.com/caselaws?id=308802 The Tribunal allowed the appeal, directing deletion of the penalty imposed under Section 271(1)(c) of the Income Tax Act. It found the assessee's actions were in good faith, as the revision of the audit report and return was voluntary and not in response to queries from the Assessing Officer. The Tribunal held that the assessee's initial claim was bona fide, considering the legal landscape at the time. Consequently, the penalty was deemed inapplicable, and the assessee's appeal was successful. en-us Fri, 24 May 2019 00:00:00 +0530 Mon, 24 Jul 2023 21:19:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=308802 The Tribunal allowed the appeal, directing deletion of the penalty imposed under Section 271(1)(c) of the Income Tax Act. It found the assessee's actions were in good faith, as the revision of the audit report and return was voluntary and not in response to queries from the Assessing Officer. The Tribunal held that the assessee's initial claim was bona fide, considering the legal landscape at the time. Consequently, the penalty was deemed inapplicable, and the assessee's appeal was successful. Case-Laws Income Tax Fri, 24 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=308802