https://www.taxtmi.com/caselaws?id=161111 The Tribunal ruled in favor of the assessee in the case involving the levy of penalties under section 271(1)(c) for the assessment years 2002-03 and 2003-04. It was held that the penalties were not justified as the disputed issues did not amount to concealment of income or furnishing inaccurate particulars. The disallowance of deductions under section 80-IB for public issue expenses and gratuity for the assessment year 2003-04 was remanded back to the CIT(Appeals) for further examination due to discrepancies in the presented facts. The order was pronounced on 26.03.2010. en-us Fri, 26 Mar 2010 00:00:00 +0530 Fri, 03 Jan 2014 18:02:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=161111 The Tribunal ruled in favor of the assessee in the case involving the levy of penalties under section 271(1)(c) for the assessment years 2002-03 and 2003-04. It was held that the penalties were not justified as the disputed issues did not amount to concealment of income or furnishing inaccurate particulars. The disallowance of deductions under section 80-IB for public issue expenses and gratuity for the assessment year 2003-04 was remanded back to the CIT(Appeals) for further examination due to discrepancies in the presented facts. The order was pronounced on 26.03.2010. Case-Laws Income Tax Fri, 26 Mar 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=161111