https://www.taxtmi.com/caselaws?id=60893 The Tribunal concluded that no penalty was leviable as the assessee had a bona fide belief and disclosed all relevant facts regarding the income from an insurance claim. The Tribunal found that the Revenue failed to prove otherwise, and the penalty of Rs. 1,22,017 was deleted. The appeal was allowed in favor of the assessee. en-us Mon, 28 Mar 1994 00:00:00 +0530 Sat, 08 Jan 2011 14:35:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60893 The Tribunal concluded that no penalty was leviable as the assessee had a bona fide belief and disclosed all relevant facts regarding the income from an insurance claim. The Tribunal found that the Revenue failed to prove otherwise, and the penalty of Rs. 1,22,017 was deleted. The appeal was allowed in favor of the assessee. Case-Laws Income Tax Mon, 28 Mar 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60893