https://www.taxtmi.com/caselaws?id=334439 The High Court dismissed the income tax appeal against the penalty imposed under section 271(1)(C) for the assessment year 2003-04. The court upheld the decision to delete the penalty, emphasizing that there was no failure to disclose accurate income particulars by the assessee. The court ruled that the surrender of a claim did not warrant penalty proceedings in the absence of evidence of incorrect or false details in the returns. The court cited a Supreme Court judgment on deductions under sections 80IB and 80HHC, affirming that the penalty provision was not applicable in this case. en-us Wed, 09 Nov 2016 00:00:00 +0530 Mon, 14 Nov 2016 11:20:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334439 The High Court dismissed the income tax appeal against the penalty imposed under section 271(1)(C) for the assessment year 2003-04. The court upheld the decision to delete the penalty, emphasizing that there was no failure to disclose accurate income particulars by the assessee. The court ruled that the surrender of a claim did not warrant penalty proceedings in the absence of evidence of incorrect or false details in the returns. The court cited a Supreme Court judgment on deductions under sections 80IB and 80HHC, affirming that the penalty provision was not applicable in this case. Case-Laws Income Tax Wed, 09 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334439