Independent manufacturing undertaking eligibility preserves Section 80IA/80IB deductions, while machinery kept ready for use qualifies for depreciatio...
Assessing Officer Satisfaction Requirement Bars Penalty for Cash Receipt in Immovable-Property Sale Cases Where Initiation Lacks Recorded Satisfaction...
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Penalty u/s 271(1)(c) was imposed for denying deduction u/s 80DD for a disabled person with over 80% disability. The assessee, a retired individual, had submitted required medical documents but the deduction was denied. The ITAT held that merely making an incorrect claim which is not substantiated does not attract penalty u/s 271(1)(c), relying on the Supreme Court's decision in Reliance Petro-products Private Limited. The assessee had earned interest income but brought it to tax during assessment proceedings. Considering the facts, circumstances, and assessee's explanation, the ITAT set aside the penalty order u/s 271(1)(c) and allowed the appeal, holding that the lower authorities erroneously treated the penalty as automatic without considering Section 273.
Penalty u/s 271(1)(c) was imposed for denying deduction u/s 80DD for a disabled person with over 80% disability. The assessee, a retired individual, had submitted required medical documents but the deduction was denied. The ITAT held that merely making an incorrect claim which is not substantiated does not attract penalty u/s 271(1)(c), relying on the Supreme Court's decision in Reliance Petro-products Private Limited. The assessee had earned interest income but brought it to tax during assessment proceedings. Considering the facts, circumstances, and assessee's explanation, the ITAT set aside the penalty order u/s 271(1)(c) and allowed the appeal, holding that the lower authorities erroneously treated the penalty as automatic without considering Section 273.
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