https://www.taxtmi.com/caselaws?id=255762 The tribunal dismissed the department's appeals, upholding the CIT(A)'s decision to delete penalties under Section 271(1)(c) for the assessment years 2007-08 and 2008-09. The tribunal found the assessee's claims for deductions under Section 80IB were made in good faith, supported by legal and factual bases, and not with the intent to evade taxes. The penalties were deemed unwarranted as the claims were transparent and based on genuine belief, leading to the conclusion that the penalties were deleted for both assessment years. en-us Tue, 20 Jan 2015 00:00:00 +0530 Tue, 27 Jan 2015 10:49:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=255762 The tribunal dismissed the department's appeals, upholding the CIT(A)'s decision to delete penalties under Section 271(1)(c) for the assessment years 2007-08 and 2008-09. The tribunal found the assessee's claims for deductions under Section 80IB were made in good faith, supported by legal and factual bases, and not with the intent to evade taxes. The penalties were deemed unwarranted as the claims were transparent and based on genuine belief, leading to the conclusion that the penalties were deleted for both assessment years. Case-Laws Income Tax Tue, 20 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=255762