https://www.taxtmi.com/caselaws?id=60020 The Tribunal upheld the CIT(A)'s decision to delete the penalty under Section 271(1)(c) of the IT Act, stating that the assessee had a reasonable explanation for not including the arrear rent in its taxable income. The imposition of penalty was deemed unjustified, and the appeal by the Revenue was dismissed. The Tribunal emphasized that the assessee acted in good faith based on the prevailing legal position at the time, and the penalty was not warranted. en-us Tue, 05 Nov 2002 00:00:00 +0530 Mon, 03 Jan 2011 12:56:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60020 The Tribunal upheld the CIT(A)'s decision to delete the penalty under Section 271(1)(c) of the IT Act, stating that the assessee had a reasonable explanation for not including the arrear rent in its taxable income. The imposition of penalty was deemed unjustified, and the appeal by the Revenue was dismissed. The Tribunal emphasized that the assessee acted in good faith based on the prevailing legal position at the time, and the penalty was not warranted. Case-Laws Income Tax Tue, 05 Nov 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60020