https://www.taxtmi.com/caselaws?id=180957 The Tribunal upheld the Ld. CIT (A)'s decision to delete the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The assessee voluntarily surrendered its claim under section 80IB to avoid litigation, indicating no intent to conceal income. The Tribunal found the claim to be bona fide and in accordance with the interpretation of section 80IB(10), dismissing the revenue's appeal and confirming the deletion of the penalty. en-us Fri, 28 Oct 2011 00:00:00 +0530 Tue, 05 Apr 2016 10:45:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180957 The Tribunal upheld the Ld. CIT (A)'s decision to delete the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The assessee voluntarily surrendered its claim under section 80IB to avoid litigation, indicating no intent to conceal income. The Tribunal found the claim to be bona fide and in accordance with the interpretation of section 80IB(10), dismissing the revenue's appeal and confirming the deletion of the penalty. Case-Laws Income Tax Fri, 28 Oct 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180957