https://www.taxtmi.com/caselaws?id=466832 Deletion of penalty under Section 271(1)(c) was upheld where the assessee applied for registration under Section 12A/12AA, pursued rectification, and acted under a bona fide belief that registration would be granted; the assessee disclosed the position in returns and treated disputed interest as a liability. The court endorsed the Tribunal's view that where a claim is bona fide or debatable and rectification proceedings are pending, penalty may not be attracted, and found the Tribunal's conclusion not perverse. en-us Mon, 04 Dec 2023 00:00:00 +0530 Fri, 20 Feb 2026 20:59:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466832 Deletion of penalty under Section 271(1)(c) was upheld where the assessee applied for registration under Section 12A/12AA, pursued rectification, and acted under a bona fide belief that registration would be granted; the assessee disclosed the position in returns and treated disputed interest as a liability. The court endorsed the Tribunal's view that where a claim is bona fide or debatable and rectification proceedings are pending, penalty may not be attracted, and found the Tribunal's conclusion not perverse. Case-Laws Income Tax Mon, 04 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466832