https://www.taxtmi.com/caselaws?id=256623 The Tribunal found the Assessee's claim under section 80IB valid and not bogus. There was no concealment or furnishing of inaccurate particulars. The penalty under section 271(1)(c) was deemed unwarranted, leading to the deletion of the Rs. 20 lacs penalty. The Tribunal emphasized the importance of disclosing material facts and following statutory procedures in claiming deductions under the Income Tax Act. en-us Thu, 09 Jan 2014 00:00:00 +0530 Tue, 17 Feb 2015 22:53:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256623 The Tribunal found the Assessee's claim under section 80IB valid and not bogus. There was no concealment or furnishing of inaccurate particulars. The penalty under section 271(1)(c) was deemed unwarranted, leading to the deletion of the Rs. 20 lacs penalty. The Tribunal emphasized the importance of disclosing material facts and following statutory procedures in claiming deductions under the Income Tax Act. Case-Laws Income Tax Thu, 09 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256623