https://www.taxtmi.com/caselaws?id=180948 The Tribunal dismissed the Revenue's appeals, affirming the CIT(A)'s order to delete penalties under section 271(1)(c). It held that the assessee's claim for deduction under section 80IB(10) was bonafide, and the penalties were not warranted despite the disallowance of the claim. The Tribunal emphasized that penalty proceedings are separate from assessment proceedings, and the mere disallowance of a claim does not automatically lead to penalty imposition. en-us Thu, 31 Dec 2015 00:00:00 +0530 Tue, 05 Apr 2016 10:21:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180948 The Tribunal dismissed the Revenue's appeals, affirming the CIT(A)'s order to delete penalties under section 271(1)(c). It held that the assessee's claim for deduction under section 80IB(10) was bonafide, and the penalties were not warranted despite the disallowance of the claim. The Tribunal emphasized that penalty proceedings are separate from assessment proceedings, and the mere disallowance of a claim does not automatically lead to penalty imposition. Case-Laws Income Tax Thu, 31 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180948