https://www.taxtmi.com/caselaws?id=78911 The HC upheld the ITAT and CIT(A) in deleting penalty imposed under Section 271(1)(c) on the assessee. The Revenue had challenged the allowance of deductions under Sections 80-IA and 80-IB, alleging concealment and furnishing of inaccurate particulars. Relying on the SC ruling that mere rejection or non-acceptance of a claim does not automatically attract penalty, the HC held that the assessee's claim was bona fide and based on disclosed facts. Finding no perversity or substantial question of law, the HC dismissed the Revenue's appeal. en-us Mon, 13 Sep 2010 00:00:00 +0530 Tue, 02 Dec 2025 15:39:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=78911 The HC upheld the ITAT and CIT(A) in deleting penalty imposed under Section 271(1)(c) on the assessee. The Revenue had challenged the allowance of deductions under Sections 80-IA and 80-IB, alleging concealment and furnishing of inaccurate particulars. Relying on the SC ruling that mere rejection or non-acceptance of a claim does not automatically attract penalty, the HC held that the assessee's claim was bona fide and based on disclosed facts. Finding no perversity or substantial question of law, the HC dismissed the Revenue's appeal. Case-Laws Income Tax Mon, 13 Sep 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=78911