https://www.taxtmi.com/caselaws?id=774375 ITAT Ahmedabad allowed assessee's appeal against penalty u/s 271(1)(c). Assessee claimed deduction for interest previously disallowed u/s 43B in AY 2007-08, treating unpaid interest as income in AY 2012-13 under bonafide belief. Since the earlier disallowance was not relieved in appeal when current year return was filed, assessee's claim could not be considered inaccurate. ITAT held penalty imposition unjustified as assessee acted in good faith based on existing circumstances. en-us Fri, 04 Jul 2025 00:00:00 +0530 Tue, 08 Jul 2025 08:36:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=774375 ITAT Ahmedabad allowed assessee's appeal against penalty u/s 271(1)(c). Assessee claimed deduction for interest previously disallowed u/s 43B in AY 2007-08, treating unpaid interest as income in AY 2012-13 under bonafide belief. Since the earlier disallowance was not relieved in appeal when current year return was filed, assessee's claim could not be considered inaccurate. ITAT held penalty imposition unjustified as assessee acted in good faith based on existing circumstances. Case-Laws Income Tax Fri, 04 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=774375