https://www.taxtmi.com/caselaws?id=269524 The Court upheld the decision of the CIT(A) to delete the penalty imposed under section 271(1)(c) of the Income Tax Act for wrongly claiming exemption under section 10B. It was determined that there was no concealment of income, and the discrepancy arose from the treatment of interest income for deduction purposes. The Court agreed that making an incorrect legal claim does not amount to furnishing inaccurate particulars, referencing the Supreme Court's ruling in CIT v. Reliance Petroproducts Pvt. Ltd. Consequently, the appeal was disposed of in favor of the assessee. en-us Thu, 09 Apr 2015 00:00:00 +0530 Tue, 15 Dec 2015 22:41:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=269524 The Court upheld the decision of the CIT(A) to delete the penalty imposed under section 271(1)(c) of the Income Tax Act for wrongly claiming exemption under section 10B. It was determined that there was no concealment of income, and the discrepancy arose from the treatment of interest income for deduction purposes. The Court agreed that making an incorrect legal claim does not amount to furnishing inaccurate particulars, referencing the Supreme Court's ruling in CIT v. Reliance Petroproducts Pvt. Ltd. Consequently, the appeal was disposed of in favor of the assessee. Case-Laws Income Tax Thu, 09 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=269524