https://www.taxtmi.com/caselaws?id=58094 The Tribunal ruled in favor of the assessee-bank, a nationalized entity, in a case involving double deduction of bonus and imposition of penalties under section 271(1)(c) for concealment of income. The Tribunal held that post-amendment, mens rea was not crucial, but noted that the bank's actions were not indicative of deliberate evasion. It concluded that the penalties were unwarranted as the bank's claim was reasonable and made as a protective measure. As a result, the penalties under section 271(1)(c) were canceled, and the bank's appeals were allowed. en-us Thu, 19 Nov 1987 00:00:00 +0530 Fri, 17 Dec 2010 13:05:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58094 The Tribunal ruled in favor of the assessee-bank, a nationalized entity, in a case involving double deduction of bonus and imposition of penalties under section 271(1)(c) for concealment of income. The Tribunal held that post-amendment, mens rea was not crucial, but noted that the bank's actions were not indicative of deliberate evasion. It concluded that the penalties were unwarranted as the bank's claim was reasonable and made as a protective measure. As a result, the penalties under section 271(1)(c) were canceled, and the bank's appeals were allowed. Case-Laws Income Tax Thu, 19 Nov 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58094