https://www.taxtmi.com/caselaws?id=59808 The Appellate Tribunal ruled in favor of the assessee, holding that the penalty under section 201 of the Income Tax Act was not applicable due to their bonafide belief that perquisites should not be included in the salary for tax deduction under section 192. The Tribunal emphasized the significance of bonafide belief in interpreting tax laws and exempted the assessee from the penalty, directing the refund of any penalty amount paid. en-us Thu, 29 Jan 1981 00:00:00 +0530 Sat, 01 Jan 2011 12:39:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59808 The Appellate Tribunal ruled in favor of the assessee, holding that the penalty under section 201 of the Income Tax Act was not applicable due to their bonafide belief that perquisites should not be included in the salary for tax deduction under section 192. The Tribunal emphasized the significance of bonafide belief in interpreting tax laws and exempted the assessee from the penalty, directing the refund of any penalty amount paid. Case-Laws Income Tax Thu, 29 Jan 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59808