https://www.taxtmi.com/caselaws?id=195880 The Tribunal upheld the CIT(A)'s decision to cancel penalties imposed by the AO under sections 271(1)(c) and 271AAA of the Income Tax Act. The penalties were related to disallowance of deduction claimed under section 80IB, furnishing inaccurate particulars of income, and deeming provision of deemed dividend under section 2(22)(e). The Tribunal found the assessee's actions to be bona fide, supported by legal documents and expert advice, and concluded that penalties were not warranted based on the facts and circumstances of the case. en-us Tue, 20 Dec 2016 00:00:00 +0530 Mon, 13 Nov 2017 21:50:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=195880 The Tribunal upheld the CIT(A)'s decision to cancel penalties imposed by the AO under sections 271(1)(c) and 271AAA of the Income Tax Act. The penalties were related to disallowance of deduction claimed under section 80IB, furnishing inaccurate particulars of income, and deeming provision of deemed dividend under section 2(22)(e). The Tribunal found the assessee's actions to be bona fide, supported by legal documents and expert advice, and concluded that penalties were not warranted based on the facts and circumstances of the case. Case-Laws Income Tax Tue, 20 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=195880