https://www.taxtmi.com/caselaws?id=203224 The High Court of Punjab and Haryana addressed the deletion of a penalty under Section 271(1)(c) of the Income Tax Act, 1961 related to claiming a deduction under Section 80IB on export incentives. The Court upheld the Income Tax Appellate Tribunal's decision to delete the penalty, stating no deliberate concealment of particulars by the assessee. The appellant's arguments challenging the deletion were dismissed, citing existing legal precedents disallowing the deduction on export incentives. The Court emphasized the lack of substantial legal questions and affirmed the Tribunal's decision based on established legal principles, ultimately dismissing the appeals. en-us Mon, 18 Apr 2011 00:00:00 +0530 Fri, 13 May 2011 10:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=203224 The High Court of Punjab and Haryana addressed the deletion of a penalty under Section 271(1)(c) of the Income Tax Act, 1961 related to claiming a deduction under Section 80IB on export incentives. The Court upheld the Income Tax Appellate Tribunal's decision to delete the penalty, stating no deliberate concealment of particulars by the assessee. The appellant's arguments challenging the deletion were dismissed, citing existing legal precedents disallowing the deduction on export incentives. The Court emphasized the lack of substantial legal questions and affirmed the Tribunal's decision based on established legal principles, ultimately dismissing the appeals. Case-Laws Income Tax Mon, 18 Apr 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=203224