https://www.taxtmi.com/caselaws?id=794072 Penalty under section 13 of the Interest Tax Act, 1974 was not attracted where the assessee initially did not file returns but later filed them after notice, the returns were accepted on the returned figures without addition, and the record showed no mala fide intention, concealment, or furnishing of inaccurate particulars. The authorities accepted the assessee's bona fide belief that it was not liable to interest tax, and the relevant interest income particulars were already available on record. The Gujarat HC also noted that Explanation 3 to section 271(1)(c) of the Income-tax Act, 1961 could not be imported into penalty proceedings under the Interest Tax Act. On these facts, deletion of penalty was upheld. en-us Thu, 11 Jun 2026 00:00:00 +0530 Mon, 29 Jun 2026 09:28:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=794072 Penalty under section 13 of the Interest Tax Act, 1974 was not attracted where the assessee initially did not file returns but later filed them after notice, the returns were accepted on the returned figures without addition, and the record showed no mala fide intention, concealment, or furnishing of inaccurate particulars. The authorities accepted the assessee's bona fide belief that it was not liable to interest tax, and the relevant interest income particulars were already available on record. The Gujarat HC also noted that Explanation 3 to section 271(1)(c) of the Income-tax Act, 1961 could not be imported into penalty proceedings under the Interest Tax Act. On these facts, deletion of penalty was upheld. Case-Laws Income Tax Thu, 11 Jun 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=794072