https://www.taxtmi.com/caselaws?id=182132 The Appellate Tribunal ITAT BANGALORE allowed the appeal of a limited company against the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 for claiming deduction under section 80-IA as manufacturing activity. The Tribunal held that the company's genuine belief that the activity constituted manufacturing was reasonable and did not amount to concealment of income, citing a Supreme Court decision. Therefore, the penalty was quashed, and the appeal was upheld. en-us Fri, 04 Jan 2008 00:00:00 +0530 Tue, 03 May 2016 14:33:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=182132 The Appellate Tribunal ITAT BANGALORE allowed the appeal of a limited company against the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 for claiming deduction under section 80-IA as manufacturing activity. The Tribunal held that the company's genuine belief that the activity constituted manufacturing was reasonable and did not amount to concealment of income, citing a Supreme Court decision. Therefore, the penalty was quashed, and the appeal was upheld. Case-Laws Income Tax Fri, 04 Jan 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=182132