https://www.taxtmi.com/caselaws?id=238716 The Tribunal's decision to delete the penalty under Section 271(1)(c) of the Income Tax Act for excess claim of deduction under Section 80IB on surrendered income was upheld. The Tribunal emphasized that the claim was incorrect but not fraudulent, citing legal precedents. The Supreme Court clarified that an incorrect claim without fraudulent intent does not warrant a penalty for furnishing inaccurate particulars. The Tribunal's decision was supported by High Court rulings, leading to the dismissal of the revenue's appeal and a ruling in favor of the assessee. en-us Thu, 08 Aug 2013 00:00:00 +0530 Thu, 21 Aug 2014 15:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=238716 The Tribunal's decision to delete the penalty under Section 271(1)(c) of the Income Tax Act for excess claim of deduction under Section 80IB on surrendered income was upheld. The Tribunal emphasized that the claim was incorrect but not fraudulent, citing legal precedents. The Supreme Court clarified that an incorrect claim without fraudulent intent does not warrant a penalty for furnishing inaccurate particulars. The Tribunal's decision was supported by High Court rulings, leading to the dismissal of the revenue's appeal and a ruling in favor of the assessee. Case-Laws Income Tax Thu, 08 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=238716