Deletion of Penalty in case of Bonafide belief supported by Factual Circumstances & Decision

Advocate Akhilesh Kumar Sah DELETION OF PENALTY IN CASE OF BONAFIDE BELIEF OF AN ASSESSEE: ESPECIALLY WHEN THE ACTION OF ASSESSEE IS SUPPORTED BY FACTUAL CIRCUMSTANCES AND A DECISION Section 271 (1)( c) of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’) deals with the penalty in respect of failure to furnish returns, comply with notices, concealment of income, etc. Recently, in DCIT vs. American Express India Pvt. [ITA No. 4422/Del./2014, decided on 06.10.2017], one of the ground in appeal was whether on the facts and in the circumstances of the case, the CIT (A) had erred...