https://www.taxtmi.com/caselaws?id=254261 The High Court upheld the ITAT's decision to delete penalties under section 271(1)(c) of the Income Tax Act for the deliberate but mistaken claims of deduction under section 80IB and excessive depreciation on electric fittings. The Court emphasized the absence of concealment or furnishing inaccurate particulars, highlighting the importance of factual disclosure and bonafide belief, supported by advice from a chartered accountant. The Court ruled that the mere disallowance of claims does not warrant penalty imposition, citing relevant case law and dismissing the tax appeal based on lack of substantial legal questions. en-us Mon, 29 Sep 2014 00:00:00 +0530 Wed, 17 Dec 2014 10:41:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254261 The High Court upheld the ITAT's decision to delete penalties under section 271(1)(c) of the Income Tax Act for the deliberate but mistaken claims of deduction under section 80IB and excessive depreciation on electric fittings. The Court emphasized the absence of concealment or furnishing inaccurate particulars, highlighting the importance of factual disclosure and bonafide belief, supported by advice from a chartered accountant. The Court ruled that the mere disallowance of claims does not warrant penalty imposition, citing relevant case law and dismissing the tax appeal based on lack of substantial legal questions. Case-Laws Income Tax Mon, 29 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254261