https://www.taxtmi.com/caselaws?id=55627 The Tribunal upheld the decisions of the Appellate Assistant Commissioner and Commissioner (Appeals), ruling that penalties under section 271(1)(c) of the Income Tax Act were unjustified. The assessee's genuine belief and full disclosure of facts regarding interest payments led to the cancellation of penalties. The Tribunal found the reopening of assessments based on a change of opinion unwarranted. Consequently, all revenue appeals were dismissed. en-us Thu, 21 May 1987 00:00:00 +0530 Mon, 29 Nov 2010 10:52:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55627 The Tribunal upheld the decisions of the Appellate Assistant Commissioner and Commissioner (Appeals), ruling that penalties under section 271(1)(c) of the Income Tax Act were unjustified. The assessee's genuine belief and full disclosure of facts regarding interest payments led to the cancellation of penalties. The Tribunal found the reopening of assessments based on a change of opinion unwarranted. Consequently, all revenue appeals were dismissed. Case-Laws Income Tax Thu, 21 May 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55627