https://www.taxtmi.com/caselaws?id=187587 The Tribunal ruled in favor of the assessee in three appeals against penalties imposed under Section 271(1)(c) of the Income Tax Act for claiming deductions under Section 80IB without proper documentation. The Tribunal found that the withdrawal of deduction claims during re-assessment did not amount to concealment of income or furnishing inaccurate particulars. Criticizing the selective penalty imposition by the Assessing Officer, the Tribunal canceled the penalties, stating that penalizing only deduction claims was unjustified when no penalty was proposed for the overall income. en-us Fri, 30 Oct 2015 00:00:00 +0530 Fri, 28 Oct 2016 09:04:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=187587 The Tribunal ruled in favor of the assessee in three appeals against penalties imposed under Section 271(1)(c) of the Income Tax Act for claiming deductions under Section 80IB without proper documentation. The Tribunal found that the withdrawal of deduction claims during re-assessment did not amount to concealment of income or furnishing inaccurate particulars. Criticizing the selective penalty imposition by the Assessing Officer, the Tribunal canceled the penalties, stating that penalizing only deduction claims was unjustified when no penalty was proposed for the overall income. Case-Laws Income Tax Fri, 30 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=187587