https://www.taxtmi.com/caselaws?id=266900 The Appellate Tribunal partially allowed the appeal, canceling the penalty of Rs. 22,08,681 under section 271(I)(c) of the Income Tax Act related to disallowances under sections 80IB and 80HHC for the assessment year 2004-05. The Tribunal emphasized the necessity of specific findings before imposing penalties, leading to the deletion of penalties on disallowances under sections 80IB and 80HHC, as well as on other incorrect claims, totaling Rs. 4,94,238. The judgment highlighted the importance of a detailed examination of each issue to justify penalties, ultimately favoring the assessee in this case. en-us Thu, 24 Sep 2015 00:00:00 +0530 Tue, 27 Oct 2015 08:26:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=266900 The Appellate Tribunal partially allowed the appeal, canceling the penalty of Rs. 22,08,681 under section 271(I)(c) of the Income Tax Act related to disallowances under sections 80IB and 80HHC for the assessment year 2004-05. The Tribunal emphasized the necessity of specific findings before imposing penalties, leading to the deletion of penalties on disallowances under sections 80IB and 80HHC, as well as on other incorrect claims, totaling Rs. 4,94,238. The judgment highlighted the importance of a detailed examination of each issue to justify penalties, ultimately favoring the assessee in this case. Case-Laws Income Tax Thu, 24 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=266900