https://www.taxtmi.com/caselaws?id=356347 The Income Tax Appellate Tribunal (ITAT) upheld the decision to delete the penalty imposed under Section 271(1)(c) for the assessee's claim of deduction under Section 80IC. The ITAT found that the claim was made in good faith, supported by legal precedents and professional advice. It emphasized that a claim disallowed by the Revenue does not automatically lead to a penalty unless there is evidence of fraud or incorrectness. The ITAT ruled that the assessee had fully disclosed all relevant information, and there was no intent to deceive the Revenue. The penalty was therefore deemed unwarranted, and the Revenue's appeal was dismissed. en-us Tue, 27 Feb 2018 00:00:00 +0530 Thu, 01 Mar 2018 07:41:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=356347 The Income Tax Appellate Tribunal (ITAT) upheld the decision to delete the penalty imposed under Section 271(1)(c) for the assessee's claim of deduction under Section 80IC. The ITAT found that the claim was made in good faith, supported by legal precedents and professional advice. It emphasized that a claim disallowed by the Revenue does not automatically lead to a penalty unless there is evidence of fraud or incorrectness. The ITAT ruled that the assessee had fully disclosed all relevant information, and there was no intent to deceive the Revenue. The penalty was therefore deemed unwarranted, and the Revenue's appeal was dismissed. Case-Laws Income Tax Tue, 27 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=356347