https://www.taxtmi.com/caselaws?id=272204 The Tribunal upheld the CIT(A)'s decision to delete the penalty under Section 271(1)(c) for the wrong claim of deduction under Section 10B on interest income. The Tribunal found the Assessee's explanation to be bonafide, with all income details disclosed, and deemed the issue debatable, preventing penalty imposition. The Tribunal referenced a Delhi High Court ruling that concealment in regular assessment does not justify such a penalty. The Revenue's appeals were dismissed, affirming the deletion of the penalty. en-us Fri, 22 Jan 2016 00:00:00 +0530 Tue, 01 Mar 2016 11:41:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272204 The Tribunal upheld the CIT(A)'s decision to delete the penalty under Section 271(1)(c) for the wrong claim of deduction under Section 10B on interest income. The Tribunal found the Assessee's explanation to be bonafide, with all income details disclosed, and deemed the issue debatable, preventing penalty imposition. The Tribunal referenced a Delhi High Court ruling that concealment in regular assessment does not justify such a penalty. The Revenue's appeals were dismissed, affirming the deletion of the penalty. Case-Laws Income Tax Fri, 22 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272204