https://www.taxtmi.com/caselaws?id=63346 The Tribunal held that no penalty was warranted for the disallowance under Section 80HHC as the assessee's claim was bona fide and the burden under Explanation 1 to Section 271(1)(c) was successfully discharged. However, in the case of disallowed deduction under Section 80-I, the Tribunal confirmed the penalty under Section 271(1)(c) to the extent of the profit available after allowing deduction under Section 80HHC, amounting to Rs. 6,61,332. Both the Department's and the assessee's appeals were dismissed. en-us Fri, 22 May 2009 00:00:00 +0530 Fri, 13 Oct 2023 14:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63346 The Tribunal held that no penalty was warranted for the disallowance under Section 80HHC as the assessee's claim was bona fide and the burden under Explanation 1 to Section 271(1)(c) was successfully discharged. However, in the case of disallowed deduction under Section 80-I, the Tribunal confirmed the penalty under Section 271(1)(c) to the extent of the profit available after allowing deduction under Section 80HHC, amounting to Rs. 6,61,332. Both the Department's and the assessee's appeals were dismissed. Case-Laws Income Tax Fri, 22 May 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63346