https://www.taxtmi.com/caselaws?id=334436 The ITAT ruled in favor of the assessee, canceling the penalty imposed under section 271(1)(c) of the Income Tax Act. The ITAT found that the disallowance of the deduction under section 80-IA and certain additions made by the Assessing Officer did not amount to concealment of income or furnishing inaccurate particulars. The ITAT emphasized that the additions were based on the assessee's records and explanations, leading to the conclusion that the penalty was unwarranted. The appeal of the assessee was allowed, and the penalty was canceled based on the ITAT's decision. en-us Fri, 21 Oct 2016 00:00:00 +0530 Mon, 14 Nov 2016 11:20:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334436 The ITAT ruled in favor of the assessee, canceling the penalty imposed under section 271(1)(c) of the Income Tax Act. The ITAT found that the disallowance of the deduction under section 80-IA and certain additions made by the Assessing Officer did not amount to concealment of income or furnishing inaccurate particulars. The ITAT emphasized that the additions were based on the assessee's records and explanations, leading to the conclusion that the penalty was unwarranted. The appeal of the assessee was allowed, and the penalty was canceled based on the ITAT's decision. Case-Laws Income Tax Fri, 21 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334436