https://www.taxtmi.com/caselaws?id=211177 Penalty under section 271(1)(c) was held not leviable where the assessee had fully disclosed its deduction claim under section 80-IA in the return and audit forms, and the issue turned on an arguable legal interpretation. The deduction had been accepted by the first appellate authority before being disallowed in quantum proceedings, and the claim related to debatable questions on use of windmills and the nature of the lease. Rejection of the claim in quantum did not, by itself, establish concealment of income or furnishing of inaccurate particulars. The deletion of penalty was therefore upheld in favour of the assessee. en-us Thu, 05 Jan 2012 00:00:00 +0530 Thu, 08 Mar 2012 19:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=211177 Penalty under section 271(1)(c) was held not leviable where the assessee had fully disclosed its deduction claim under section 80-IA in the return and audit forms, and the issue turned on an arguable legal interpretation. The deduction had been accepted by the first appellate authority before being disallowed in quantum proceedings, and the claim related to debatable questions on use of windmills and the nature of the lease. Rejection of the claim in quantum did not, by itself, establish concealment of income or furnishing of inaccurate particulars. The deletion of penalty was therefore upheld in favour of the assessee. Case-Laws Income Tax Thu, 05 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=211177