TMI BlogPenalty u/s 271(1)(c) - The Revenue may or may not agree with this understanding of law of the assessee...Penalty u/s 271(1)(c) - The Revenue may or may not agree with this understanding of law of the assessee but the fact that there can be a bona fide view to that effect cannot be ruled out. The human probabilities favour acceptance of this explanation for bona fides. It cannot always be feasible to prove the claim of bona fides to the hilt, nor, in our considered opinion, the assessee cannot be expected to do so. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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