https://www.taxtmi.com/caselaws?id=771599 ITAT Ahmedabad allowed the assessee's appeal against penalty u/s 271(1)(c) regarding corpus donation receipts. Revenue contended contributions were not voluntary and receipts lacked specific purpose details. However, following CIT vs. Oshwal Education Trust, the tribunal held that where assessee trust under bona fide belief treated voluntary contributions as corpus donations, penalty under section 271(1)(c) cannot be imposed. Since assessee consistently treated receipts as corpus donations for 15-20 years and disclosed all facts during assessment, penalty was deemed inappropriate for furnishing inaccurate income particulars. en-us Mon, 26 May 2025 00:00:00 +0530 Wed, 28 May 2025 08:26:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771599 ITAT Ahmedabad allowed the assessee's appeal against penalty u/s 271(1)(c) regarding corpus donation receipts. Revenue contended contributions were not voluntary and receipts lacked specific purpose details. However, following CIT vs. Oshwal Education Trust, the tribunal held that where assessee trust under bona fide belief treated voluntary contributions as corpus donations, penalty under section 271(1)(c) cannot be imposed. Since assessee consistently treated receipts as corpus donations for 15-20 years and disclosed all facts during assessment, penalty was deemed inappropriate for furnishing inaccurate income particulars. Case-Laws Income Tax Mon, 26 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771599