https://www.taxtmi.com/caselaws?id=187619 The Tribunal set aside the penalty imposed by the Assessing Officer under section 271(1)(c) for the violation of section 80IB(10) by the partnership firm engaged in real estate development. It was held that the penalty could not be levied as the assessee did not furnish inaccurate particulars or conceal income. Additionally, the Tribunal ruled that penalties should be based on the conditions at the time of filing the return and not on subsequent events, ultimately deleting the penalty and allowing the assessee's appeal. en-us Fri, 13 Sep 2013 00:00:00 +0530 Wed, 16 Nov 2016 11:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=187619 The Tribunal set aside the penalty imposed by the Assessing Officer under section 271(1)(c) for the violation of section 80IB(10) by the partnership firm engaged in real estate development. It was held that the penalty could not be levied as the assessee did not furnish inaccurate particulars or conceal income. Additionally, the Tribunal ruled that penalties should be based on the conditions at the time of filing the return and not on subsequent events, ultimately deleting the penalty and allowing the assessee's appeal. Case-Laws Income Tax Fri, 13 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=187619