https://www.taxtmi.com/caselaws?id=351784 The Tribunal allowed the appeal, deleting the penalty imposed by the assessing officer under section 271(1)(c). The Tribunal found that the assessee's claim for deduction under section 80 IB was made in good faith based on existing law and previous favorable decisions, with no intention to conceal income or provide inaccurate particulars. Emphasizing that an unsustainable claim does not automatically lead to a penalty, the Tribunal ruled in favor of the assessee, quashing the penalty. en-us Wed, 29 Nov 2017 00:00:00 +0530 Thu, 30 Nov 2017 11:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=351784 The Tribunal allowed the appeal, deleting the penalty imposed by the assessing officer under section 271(1)(c). The Tribunal found that the assessee's claim for deduction under section 80 IB was made in good faith based on existing law and previous favorable decisions, with no intention to conceal income or provide inaccurate particulars. Emphasizing that an unsustainable claim does not automatically lead to a penalty, the Tribunal ruled in favor of the assessee, quashing the penalty. Case-Laws Income Tax Wed, 29 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=351784