https://www.taxtmi.com/caselaws?id=219645 The Tribunal upheld the decision of the ld. CIT(A) to delete the penalty under section 271(1)(c) of the Income-tax Act for assessment years 2003-04 and 2004-05. The controversy surrounding the deduction claimed under sections 80HHC and 80IB on income derived from DEPB and duty draw back was deemed debatable until clarified by the Apex Court. The Tribunal agreed that the penalty could not be imposed based on a bona fide belief in claiming the deduction, emphasizing that legal claims, even if later found legally unacceptable, do not constitute furnishing inaccurate particulars of income. The Revenue's appeals were dismissed for both assessment years. en-us Wed, 04 Jul 2012 00:00:00 +0530 Tue, 18 Dec 2012 18:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219645 The Tribunal upheld the decision of the ld. CIT(A) to delete the penalty under section 271(1)(c) of the Income-tax Act for assessment years 2003-04 and 2004-05. The controversy surrounding the deduction claimed under sections 80HHC and 80IB on income derived from DEPB and duty draw back was deemed debatable until clarified by the Apex Court. The Tribunal agreed that the penalty could not be imposed based on a bona fide belief in claiming the deduction, emphasizing that legal claims, even if later found legally unacceptable, do not constitute furnishing inaccurate particulars of income. The Revenue's appeals were dismissed for both assessment years. Case-Laws Income Tax Wed, 04 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219645