https://www.taxtmi.com/caselaws?id=352326 The Tribunal upheld the decision of the Ld. CIT (A) in not imposing a penalty under section 271(1)(c) of the Income Tax Act, 1961, on the assessee for claiming deduction u/s 10B without proper approval. The Tribunal ruled that the assessee's claim, though ultimately disallowed, was made in good faith and did not amount to concealment of income or furnishing inaccurate particulars, leading to the deletion of the penalty. The Tribunal also supported the Ld. CIT (A)'s decision to set aside the penalty order, emphasizing that the issue was debatable and did not warrant a penalty without evidence of concealment or inaccuracies. en-us Mon, 09 Oct 2017 00:00:00 +0530 Wed, 13 Dec 2017 08:25:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=352326 The Tribunal upheld the decision of the Ld. CIT (A) in not imposing a penalty under section 271(1)(c) of the Income Tax Act, 1961, on the assessee for claiming deduction u/s 10B without proper approval. The Tribunal ruled that the assessee's claim, though ultimately disallowed, was made in good faith and did not amount to concealment of income or furnishing inaccurate particulars, leading to the deletion of the penalty. The Tribunal also supported the Ld. CIT (A)'s decision to set aside the penalty order, emphasizing that the issue was debatable and did not warrant a penalty without evidence of concealment or inaccuracies. Case-Laws Income Tax Mon, 09 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=352326