https://www.taxtmi.com/caselaws?id=264576 The appeals by the Revenue against the ITAT order deleting the penalty under section 271(1)(c) of the Income Tax Act for AY 2007-08 were dismissed. The Court upheld the ITAT's decision, finding that the Assessee's claim for deduction under Section 80IA was made in good faith based on the auditor's report, despite overlooking a new provision inserted after the claim. The Court concluded that the Assessee did not intentionally conceal information and that the decision to delete the penalty was reasonable, ruling in favor of the Assessee and against the Revenue. en-us Wed, 23 Sep 2015 00:00:00 +0530 Mon, 28 Sep 2015 10:22:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=264576 The appeals by the Revenue against the ITAT order deleting the penalty under section 271(1)(c) of the Income Tax Act for AY 2007-08 were dismissed. The Court upheld the ITAT's decision, finding that the Assessee's claim for deduction under Section 80IA was made in good faith based on the auditor's report, despite overlooking a new provision inserted after the claim. The Court concluded that the Assessee did not intentionally conceal information and that the decision to delete the penalty was reasonable, ruling in favor of the Assessee and against the Revenue. Case-Laws Income Tax Wed, 23 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=264576