https://www.taxtmi.com/caselaws?id=204200 The Appellate Tribunal upheld the deletion of the penalty imposed under section 271(1)(c) by the ld. CIT(A) in a case where the revenue challenged the disallowance of deduction under section 80-IB(10) for miscellaneous income. The Tribunal emphasized that the assessee's genuine belief in the eligibility of the claimed deduction, despite being incorrect, did not amount to concealment or furnishing inaccurate particulars of income warranting a penalty. The decision was in line with legal precedents, including the principle that making a wrong claim does not automatically lead to penalty under the Income Tax Act. en-us Fri, 07 May 2010 00:00:00 +0530 Mon, 20 Jun 2016 11:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=204200 The Appellate Tribunal upheld the deletion of the penalty imposed under section 271(1)(c) by the ld. CIT(A) in a case where the revenue challenged the disallowance of deduction under section 80-IB(10) for miscellaneous income. The Tribunal emphasized that the assessee's genuine belief in the eligibility of the claimed deduction, despite being incorrect, did not amount to concealment or furnishing inaccurate particulars of income warranting a penalty. The decision was in line with legal precedents, including the principle that making a wrong claim does not automatically lead to penalty under the Income Tax Act. Case-Laws Income Tax Fri, 07 May 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=204200