https://www.taxtmi.com/caselaws?id=212908 The ITAT Mumbai allowed the appeal, overturning the penalty order imposed under section 271(1)(c) of the Income Tax Act, 1961 for A.Y. 2005-06. The tribunal emphasized the importance of factual inaccuracies for penalty imposition and the necessity of strict compliance with penalty provisions. The claim for deduction under section 10B was considered legitimate, supported by professional advice and legal precedents, leading to the reversal of the penalty decision by the CIT(A). en-us Wed, 25 Apr 2012 00:00:00 +0530 Mon, 30 Apr 2012 08:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212908 The ITAT Mumbai allowed the appeal, overturning the penalty order imposed under section 271(1)(c) of the Income Tax Act, 1961 for A.Y. 2005-06. The tribunal emphasized the importance of factual inaccuracies for penalty imposition and the necessity of strict compliance with penalty provisions. The claim for deduction under section 10B was considered legitimate, supported by professional advice and legal precedents, leading to the reversal of the penalty decision by the CIT(A). Case-Laws Income Tax Wed, 25 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212908