https://www.taxtmi.com/caselaws?id=763846 The tribunal condoned a 12-day delay in filing the appeal, as the reasons were bona fide and unopposed by the Revenue. It found the penalty notice under Section 271(1)(c) of the Income Tax Act defective due to ambiguity, as it did not specify the applicable charge, leading to the penalty's deletion. Additionally, the tribunal determined that the assessee's claim for deduction under Section 10B was made in good faith, with all particulars disclosed, thus rendering the penalty for concealment of income or furnishing inaccurate particulars unsustainable. en-us Fri, 27 Dec 2024 00:00:00 +0530 Mon, 30 Dec 2024 08:39:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763846 The tribunal condoned a 12-day delay in filing the appeal, as the reasons were bona fide and unopposed by the Revenue. It found the penalty notice under Section 271(1)(c) of the Income Tax Act defective due to ambiguity, as it did not specify the applicable charge, leading to the penalty's deletion. Additionally, the tribunal determined that the assessee's claim for deduction under Section 10B was made in good faith, with all particulars disclosed, thus rendering the penalty for concealment of income or furnishing inaccurate particulars unsustainable. Case-Laws Income Tax Fri, 27 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763846