https://www.taxtmi.com/caselaws?id=191081 The appeal under Section 260A of the Income Tax Act 1961 against the ITAT order for Assessment Year 2005-06 regarding the penalty for denied deduction under Section 10B was decided in favor of the assessee. The court held that the denial of the deduction, based on a legal interpretation and despite full disclosure of facts, did not warrant a penalty under Section 271 of the Act. Citing relevant precedents, the judgment emphasized that the mere denial of a deduction claim does not automatically attract a penalty when all necessary information is transparently provided. en-us Fri, 19 Oct 2012 00:00:00 +0530 Wed, 24 Jan 2018 18:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191081 The appeal under Section 260A of the Income Tax Act 1961 against the ITAT order for Assessment Year 2005-06 regarding the penalty for denied deduction under Section 10B was decided in favor of the assessee. The court held that the denial of the deduction, based on a legal interpretation and despite full disclosure of facts, did not warrant a penalty under Section 271 of the Act. Citing relevant precedents, the judgment emphasized that the mere denial of a deduction claim does not automatically attract a penalty when all necessary information is transparently provided. Case-Laws Income Tax Fri, 19 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191081