https://www.taxtmi.com/caselaws?id=178281 The Court upheld the Tribunal's decision regarding the levy of penalty under section 271(1)(c) of the Income-tax Act, 1961 in connection with the deduction claimed under section 80HHD for assessment years 2000-01 and 2001-02. The exclusion of disclaimed foreign exchange receipts for computing the deduction was accepted, and the inclusion of interest income in business income for the deduction was considered a debatable issue. The Court found no basis for imposing the penalty as the assessee's claim was deemed bona fide and not warranting penalty under section 271(1)(c). The appeals were dismissed, with no interference warranted. en-us Thu, 04 Sep 2008 00:00:00 +0530 Mon, 01 Feb 2016 15:42:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178281 The Court upheld the Tribunal's decision regarding the levy of penalty under section 271(1)(c) of the Income-tax Act, 1961 in connection with the deduction claimed under section 80HHD for assessment years 2000-01 and 2001-02. The exclusion of disclaimed foreign exchange receipts for computing the deduction was accepted, and the inclusion of interest income in business income for the deduction was considered a debatable issue. The Court found no basis for imposing the penalty as the assessee's claim was deemed bona fide and not warranting penalty under section 271(1)(c). The appeals were dismissed, with no interference warranted. Case-Laws Income Tax Thu, 04 Sep 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178281