Bombay High Court Allows Revenue's Appeal in Income Tax Penalty Case — Assessee's Claim of Ignorance of Law Not Sufficient to Delete Penalty Under Section 271(1)(c). Deemed Dividend Addition Under Section 2(22)(e) Upheld; Penalty Restored as Assessee, a Partner in Real Estate Firm and Major Shareholder, Could Not Claim Bona Fide Mistake.
30 Mar 2010The Revenue appealed against the order of the Income Tax Appellate Tribunal which had deleted a penalty of Rs.10,08,400/- imposed under Section 271(1)...




