https://www.taxtmi.com/caselaws?id=75752 The High Court upheld the Income Tax Appellate Tribunal's decision to delete the penalty imposed on the assessee for claiming a deduction under Section 80HHC without reducing brought forward losses. The Court emphasized that as long as the assessee relied on a relevant High Court decision without any contrary judgment from the jurisdictional High Court or Supreme Court, no penalty could be imposed. The Court highlighted the importance of legal precedents and the absence of contradictory judgments from higher courts in penalty imposition cases related to income tax deductions. en-us Wed, 21 Apr 2010 00:00:00 +0530 Wed, 12 May 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=75752 The High Court upheld the Income Tax Appellate Tribunal's decision to delete the penalty imposed on the assessee for claiming a deduction under Section 80HHC without reducing brought forward losses. The Court emphasized that as long as the assessee relied on a relevant High Court decision without any contrary judgment from the jurisdictional High Court or Supreme Court, no penalty could be imposed. The Court highlighted the importance of legal precedents and the absence of contradictory judgments from higher courts in penalty imposition cases related to income tax deductions. Case-Laws Income Tax Wed, 21 Apr 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=75752