https://www.taxtmi.com/caselaws?id=180964 The Tribunal ruled in favor of the appellant in an appeal against a penalty imposed under section 271(1)(c) of the Income Tax Act 1961 for an incorrect claim of deduction under section 80IB(10). The appellant's penalty was deleted as the incorrect claim was voluntarily corrected, following the precedent set by the Supreme Court in Reliance Petro-products (P) Ltd. It was held that making an incorrect claim does not amount to furnishing inaccurate particulars, and therefore, the penalty was not leviable. The appellant's appeal was allowed, and the penalty was deleted. en-us Mon, 06 Sep 2010 00:00:00 +0530 Tue, 05 Apr 2016 12:09:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180964 The Tribunal ruled in favor of the appellant in an appeal against a penalty imposed under section 271(1)(c) of the Income Tax Act 1961 for an incorrect claim of deduction under section 80IB(10). The appellant's penalty was deleted as the incorrect claim was voluntarily corrected, following the precedent set by the Supreme Court in Reliance Petro-products (P) Ltd. It was held that making an incorrect claim does not amount to furnishing inaccurate particulars, and therefore, the penalty was not leviable. The appellant's appeal was allowed, and the penalty was deleted. Case-Laws Income Tax Mon, 06 Sep 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180964