https://www.taxtmi.com/caselaws?id=326007 The Tribunal found no merit in the penalty levied under section 271(1)(c) for assessment years 2005-06 to 2007-08, reversing the CIT(A)'s decision. The penalty was dropped as the assessee had a genuine belief in entitlement to the deduction and had completed the project within the required timeframe. The Tribunal directed the AO to delete the penalty for all years, aligning with past decisions allowing similar claims without penalties. The order in favor of the assessee was pronounced on 17th February 2016. en-us Wed, 17 Feb 2016 00:00:00 +0530 Mon, 04 Apr 2016 09:11:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326007 The Tribunal found no merit in the penalty levied under section 271(1)(c) for assessment years 2005-06 to 2007-08, reversing the CIT(A)'s decision. The penalty was dropped as the assessee had a genuine belief in entitlement to the deduction and had completed the project within the required timeframe. The Tribunal directed the AO to delete the penalty for all years, aligning with past decisions allowing similar claims without penalties. The order in favor of the assessee was pronounced on 17th February 2016. Case-Laws Income Tax Wed, 17 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326007