https://www.taxtmi.com/caselaws?id=151517 The appeal against the penalty imposed for claiming excess deduction under section 80-O of the Income-tax Act, 1961 was dismissed. The Tribunal held that the interest income from fixed deposits in India did not meet the criteria for deduction under section 80-O. As the claim was deemed incorrect and the assessee was found to have furnished inaccurate particulars of income, the penalty under section 271(1)(c) was upheld in favor of the Revenue, overturning the previous decision. en-us Thu, 18 Feb 2010 00:00:00 +0530 Thu, 06 Jun 2013 17:46:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=151517 The appeal against the penalty imposed for claiming excess deduction under section 80-O of the Income-tax Act, 1961 was dismissed. The Tribunal held that the interest income from fixed deposits in India did not meet the criteria for deduction under section 80-O. As the claim was deemed incorrect and the assessee was found to have furnished inaccurate particulars of income, the penalty under section 271(1)(c) was upheld in favor of the Revenue, overturning the previous decision. Case-Laws Income Tax Thu, 18 Feb 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=151517