https://www.taxtmi.com/caselaws?id=249257 The Tribunal allowed the assessee's appeal, setting aside the penalty imposed by the first appellate authority. The Tribunal found the Revenue's case unsubstantiated, noting a net surplus in the income and expenditure account even after excluding bank interest. It deemed the deduction claimed under section 80P(2)(d) valid and concluded that the Revenue's arguments lacked merit, leading to the deletion of the penalty. The Tribunal's decision in favor of the assessee was pronounced on June 18, 2014. en-us Wed, 18 Jun 2014 00:00:00 +0530 Wed, 09 Jul 2014 09:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249257 The Tribunal allowed the assessee's appeal, setting aside the penalty imposed by the first appellate authority. The Tribunal found the Revenue's case unsubstantiated, noting a net surplus in the income and expenditure account even after excluding bank interest. It deemed the deduction claimed under section 80P(2)(d) valid and concluded that the Revenue's arguments lacked merit, leading to the deletion of the penalty. The Tribunal's decision in favor of the assessee was pronounced on June 18, 2014. Case-Laws Income Tax Wed, 18 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249257