https://www.taxtmi.com/caselaws?id=342174 The Tribunal upheld the deletion of the penalty under Section 271(1)(c) of the Income-tax Act for the assessment year 2011-12 regarding deduction under Section 10B. It found that the assessee's claim was made in good faith due to a genuine misunderstanding of the law caused by legislative changes, supported by legal precedents emphasizing that incorrect claims made in good faith do not warrant penalties. The Tribunal dismissed the Revenue's appeal, affirming the lower authority's decision to delete the penalty. en-us Thu, 20 Apr 2017 00:00:00 +0530 Fri, 28 Apr 2017 10:13:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342174 The Tribunal upheld the deletion of the penalty under Section 271(1)(c) of the Income-tax Act for the assessment year 2011-12 regarding deduction under Section 10B. It found that the assessee's claim was made in good faith due to a genuine misunderstanding of the law caused by legislative changes, supported by legal precedents emphasizing that incorrect claims made in good faith do not warrant penalties. The Tribunal dismissed the Revenue's appeal, affirming the lower authority's decision to delete the penalty. Case-Laws Income Tax Thu, 20 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342174