https://www.taxtmi.com/caselaws?id=186256 The Tribunal allowed the appeal by the assessee against the order of the CIT(A) regarding the levy of penalty under s. 271(1)(c) for claiming deduction under s. 80-IB on duty drawback/DEPB for the assessment year 2001-02. Despite conflicting decisions, the Tribunal found the claim for deduction to be bona fide and supported by various court decisions, indicating a genuine difference of opinion. As no evidence of incorrect particulars was presented by the Department, the Tribunal concluded that the penalty was not justified, leading to the deletion of the penalty. en-us Fri, 27 Nov 2009 00:00:00 +0530 Mon, 12 Sep 2016 18:31:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186256 The Tribunal allowed the appeal by the assessee against the order of the CIT(A) regarding the levy of penalty under s. 271(1)(c) for claiming deduction under s. 80-IB on duty drawback/DEPB for the assessment year 2001-02. Despite conflicting decisions, the Tribunal found the claim for deduction to be bona fide and supported by various court decisions, indicating a genuine difference of opinion. As no evidence of incorrect particulars was presented by the Department, the Tribunal concluded that the penalty was not justified, leading to the deletion of the penalty. Case-Laws Income Tax Fri, 27 Nov 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186256