https://www.taxtmi.com/caselaws?id=246734 The ITAT dismissed Revenue's appeal against the deletion of penalties under section 271(1)(c) for the assessment years 2002-03, 2003-04, and 2004-05. The ITAT upheld the CIT(A)'s decision, emphasizing that the assessee had properly disclosed all material facts and treated income correctly, despite the debate over deductions under sections 80IB and 80HHE. The ITAT ruled that the mere submission of facts in the return does not warrant a penalty if the details are not inaccurate, following the Supreme Court's principles in the Reliance Petro Products case. The appeals by Revenue were therefore dismissed. en-us Wed, 16 Apr 2014 00:00:00 +0530 Mon, 21 Apr 2014 09:53:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=246734 The ITAT dismissed Revenue's appeal against the deletion of penalties under section 271(1)(c) for the assessment years 2002-03, 2003-04, and 2004-05. The ITAT upheld the CIT(A)'s decision, emphasizing that the assessee had properly disclosed all material facts and treated income correctly, despite the debate over deductions under sections 80IB and 80HHE. The ITAT ruled that the mere submission of facts in the return does not warrant a penalty if the details are not inaccurate, following the Supreme Court's principles in the Reliance Petro Products case. The appeals by Revenue were therefore dismissed. Case-Laws Income Tax Wed, 16 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=246734