https://www.taxtmi.com/caselaws?id=342795 The ITAT allowed the assessee's appeal, determining that the penalty under section 271(1)(c) was not justified based on the merits of the case. The ITAT found merit in the assessee's arguments regarding the deduction claimed under section 80-IB on 'other income,' concluding that the penalty imposition was unwarranted as the claim was valid and tenable. The decision highlighted that the assessee derived only 30% benefit from the claimed deduction, leading to the allowance of the appeal and the rejection of the penalty. en-us Tue, 02 May 2017 00:00:00 +0530 Thu, 11 May 2017 20:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342795 The ITAT allowed the assessee's appeal, determining that the penalty under section 271(1)(c) was not justified based on the merits of the case. The ITAT found merit in the assessee's arguments regarding the deduction claimed under section 80-IB on 'other income,' concluding that the penalty imposition was unwarranted as the claim was valid and tenable. The decision highlighted that the assessee derived only 30% benefit from the claimed deduction, leading to the allowance of the appeal and the rejection of the penalty. Case-Laws Income Tax Tue, 02 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342795