https://www.taxtmi.com/caselaws?id=171026 The Tribunal set aside the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961, ruling in favor of the appellant. The Tribunal found that the issue regarding the claim of deduction under section 80-IC was debatable, and the appellant had acted in good faith based on professional advice. It emphasized that there was no deliberate concealment of information and that the appellant had disclosed all relevant details in the return before being aware of a relevant Supreme Court decision. Consequently, the penalty was deemed unwarranted in this case. en-us Tue, 23 Dec 2014 00:00:00 +0530 Mon, 18 May 2015 14:45:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=171026 The Tribunal set aside the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961, ruling in favor of the appellant. The Tribunal found that the issue regarding the claim of deduction under section 80-IC was debatable, and the appellant had acted in good faith based on professional advice. It emphasized that there was no deliberate concealment of information and that the appellant had disclosed all relevant details in the return before being aware of a relevant Supreme Court decision. Consequently, the penalty was deemed unwarranted in this case. Case-Laws Income Tax Tue, 23 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=171026