https://www.taxtmi.com/caselaws?id=243421 The court upheld the decisions of the Commissioner of Income Tax (Appeals) and Income Tax Appellate Tribunal, ruling in favor of the co-operative society regarding the claim of deduction under Section 80P of the Income Tax Act for the assessment year 2007-08. The court found that the claim for deduction was a genuine mistake due to a change in the law, and the society rectified the error promptly. The court dismissed the Revenue's appeal, emphasizing that the penalty imposition was unwarranted as the claim was a bona fide mistake and not intentional misconduct. en-us Thu, 17 Oct 2013 00:00:00 +0530 Fri, 19 Jun 2020 15:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=243421 The court upheld the decisions of the Commissioner of Income Tax (Appeals) and Income Tax Appellate Tribunal, ruling in favor of the co-operative society regarding the claim of deduction under Section 80P of the Income Tax Act for the assessment year 2007-08. The court found that the claim for deduction was a genuine mistake due to a change in the law, and the society rectified the error promptly. The court dismissed the Revenue's appeal, emphasizing that the penalty imposition was unwarranted as the claim was a bona fide mistake and not intentional misconduct. Case-Laws Income Tax Thu, 17 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=243421