https://www.taxtmi.com/caselaws?id=208566 The Court upheld the Tribunal's decision to delete the penalty under Section 271(1)(c) on the deduction claimed under Section 80IB on export incentives. The Court dismissed the appeals by the revenue, emphasizing that there was no deliberate furnishing of inaccurate particulars by the assessee and that mens rea is not essential for the levy of penalty under Section 271(1)(c). The Court found that the revenue loss occurred due to the wrong claim made by the assessee regarding the deduction under Section 80IB. en-us Tue, 21 Dec 2010 00:00:00 +0530 Fri, 20 Jan 2012 08:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=208566 The Court upheld the Tribunal's decision to delete the penalty under Section 271(1)(c) on the deduction claimed under Section 80IB on export incentives. The Court dismissed the appeals by the revenue, emphasizing that there was no deliberate furnishing of inaccurate particulars by the assessee and that mens rea is not essential for the levy of penalty under Section 271(1)(c). The Court found that the revenue loss occurred due to the wrong claim made by the assessee regarding the deduction under Section 80IB. Case-Laws Income Tax Tue, 21 Dec 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=208566