https://www.taxtmi.com/caselaws?id=55777 The Tribunal upheld the Commissioner (Appeals)'s decision to cancel the penalty under section 271(1)(c) of the Income-tax Act, 1961. The Tribunal found that the assessee had a bona fide belief that the land sold was agricultural, and the issue was debatable. It was noted that the non-disclosure of the sale alone did not justify the penalty, and the revenue's appeal was dismissed. The Tribunal emphasized the need for the tax authority to prove dishonest or contumacious conduct for imposing penalties under section 271(1)(c). en-us Wed, 07 Aug 1985 00:00:00 +0530 Tue, 30 Nov 2010 09:38:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55777 The Tribunal upheld the Commissioner (Appeals)'s decision to cancel the penalty under section 271(1)(c) of the Income-tax Act, 1961. The Tribunal found that the assessee had a bona fide belief that the land sold was agricultural, and the issue was debatable. It was noted that the non-disclosure of the sale alone did not justify the penalty, and the revenue's appeal was dismissed. The Tribunal emphasized the need for the tax authority to prove dishonest or contumacious conduct for imposing penalties under section 271(1)(c). Case-Laws Income Tax Wed, 07 Aug 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55777