https://www.taxtmi.com/caselaws?id=185058 The Tribunal upheld the deletion of penalty under section 271(1)(c) of the IT Act, 1961 for the assessment year 2004-05. The Revenue's appeal against the deletion of penalty by the CIT(A) was dismissed. The issue centered on the inclusion of export incentives for deduction under section 80-IB, with the Tribunal considering the debatable nature of the issue, expert advice relied upon by the assessees, conflicting decisions by different High Courts, and the assessees' full disclosure and bona fide claims as reasons for not imposing a penalty. en-us Thu, 28 Jan 2010 00:00:00 +0530 Fri, 29 Jul 2016 15:11:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185058 The Tribunal upheld the deletion of penalty under section 271(1)(c) of the IT Act, 1961 for the assessment year 2004-05. The Revenue's appeal against the deletion of penalty by the CIT(A) was dismissed. The issue centered on the inclusion of export incentives for deduction under section 80-IB, with the Tribunal considering the debatable nature of the issue, expert advice relied upon by the assessees, conflicting decisions by different High Courts, and the assessees' full disclosure and bona fide claims as reasons for not imposing a penalty. Case-Laws Income Tax Thu, 28 Jan 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185058