https://www.taxtmi.com/caselaws?id=173335 The tribunal affirmed the deletion of a penalty of Rs. 93,70,500/- imposed under section 271(1)(c) of the Income-tax Act for the Assessment year 2007-08. The penalty was initiated due to the assessee's incorrect claim of deductions under section 80P(2), which was rectified promptly upon realization of the mistake caused by a change in law. The tribunal held that the error was made in good faith and did not involve deliberate concealment or furnishing inaccurate particulars, thus upholding the deletion of the penalty by the ld. CIT(A) on 17th December 2012. en-us Mon, 17 Dec 2012 00:00:00 +0530 Mon, 14 Sep 2015 06:52:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=173335 The tribunal affirmed the deletion of a penalty of Rs. 93,70,500/- imposed under section 271(1)(c) of the Income-tax Act for the Assessment year 2007-08. The penalty was initiated due to the assessee's incorrect claim of deductions under section 80P(2), which was rectified promptly upon realization of the mistake caused by a change in law. The tribunal held that the error was made in good faith and did not involve deliberate concealment or furnishing inaccurate particulars, thus upholding the deletion of the penalty by the ld. CIT(A) on 17th December 2012. Case-Laws Income Tax Mon, 17 Dec 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=173335