No Penalty if wrong claim caused by bona fide mistake

HIGH COURT OF DELHI AT NEW DELHI Date of Decision : 19th July, 2012. Appeal No.   ITA 1190/2011 CIT  V/s.  SOCIETEX ORDER The Revenue claims to be aggrieved by the order dated 25.3.2011 of the Income Tax Appellate Tribunal („Tribunal‟, for short) whereby its appeal was dismissed. It urges that the Tribunal fell into error in holding that the penalty to the extent of Rs.10,09,948/- under Section 271(1)(c) of the Income Tax Act, 1961 („Act‟, for short), was not leviable on the assessee. 2. The assessee is engaged inter alia in rendering consultancy services. It had,...