https://www.taxtmi.com/caselaws?id=56188 The Appellate Tribunal reversed the penalty imposition of Rs. 89,476 under section 273(a) of the Income-tax Act, 1961, for the assessment year 1978-79. The Tribunal canceled the penalty, citing the company's bona fide belief in the claim under section 35B, supported by relevant Tribunal judgments. The decision overturned the Commissioner (Appeals) ruling, emphasizing the absence of mala fide intention in the company's actions and the genuine belief in the validity of the claim at the time of filing the estimate. en-us Fri, 29 Aug 1986 00:00:00 +0530 Thu, 02 Dec 2010 11:45:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56188 The Appellate Tribunal reversed the penalty imposition of Rs. 89,476 under section 273(a) of the Income-tax Act, 1961, for the assessment year 1978-79. The Tribunal canceled the penalty, citing the company's bona fide belief in the claim under section 35B, supported by relevant Tribunal judgments. The decision overturned the Commissioner (Appeals) ruling, emphasizing the absence of mala fide intention in the company's actions and the genuine belief in the validity of the claim at the time of filing the estimate. Case-Laws Income Tax Fri, 29 Aug 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56188