https://www.taxtmi.com/caselaws?id=212609 The Tribunal dismissed the Department's appeal regarding the claim for deduction under section 80 IB of the Income Tax Act, citing precedents in Liberty India v. CIT and CIT v. Reliance Petro Products. It held that the claim for deduction was not sustainable in law at the time of filing the return, and making such a claim did not amount to furnishing inaccurate particulars. The Tribunal also upheld the cancellation of the penalty imposed under section 271(1)(c), emphasizing that the mere incorrect claim for deduction did not constitute furnishing inaccurate particulars. The Tribunal concluded that duty draw back/DEPB benefits are not profits derived from industrial undertaking but an independent income source. en-us Wed, 11 Apr 2012 00:00:00 +0530 Mon, 15 Jul 2013 14:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212609 The Tribunal dismissed the Department's appeal regarding the claim for deduction under section 80 IB of the Income Tax Act, citing precedents in Liberty India v. CIT and CIT v. Reliance Petro Products. It held that the claim for deduction was not sustainable in law at the time of filing the return, and making such a claim did not amount to furnishing inaccurate particulars. The Tribunal also upheld the cancellation of the penalty imposed under section 271(1)(c), emphasizing that the mere incorrect claim for deduction did not constitute furnishing inaccurate particulars. The Tribunal concluded that duty draw back/DEPB benefits are not profits derived from industrial undertaking but an independent income source. Case-Laws Income Tax Wed, 11 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212609