https://www.taxtmi.com/caselaws?id=257124 The Tribunal allowed the appeal, directing the Assessing Officer to delete the penalties imposed under section 271(1)(c) of the Income Tax Act, 1961, totaling Rs. 30,16,897. The Tribunal found in favor of the appellant regarding fall in Gross Profit, disallowance of deductions under section 80IB, disallowance of depreciation, and deduction claimed under section 80IB. The penalties were deemed unjustified based on the appellant's arguments and relevant case law, leading to the deletion of the imposed penalties. en-us Fri, 09 Jan 2015 00:00:00 +0530 Tue, 03 Mar 2015 07:51:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257124 The Tribunal allowed the appeal, directing the Assessing Officer to delete the penalties imposed under section 271(1)(c) of the Income Tax Act, 1961, totaling Rs. 30,16,897. The Tribunal found in favor of the appellant regarding fall in Gross Profit, disallowance of deductions under section 80IB, disallowance of depreciation, and deduction claimed under section 80IB. The penalties were deemed unjustified based on the appellant's arguments and relevant case law, leading to the deletion of the imposed penalties. Case-Laws Income Tax Fri, 09 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257124