https://www.taxtmi.com/caselaws?id=369216 The Tribunal allowed the appeals, setting aside the penalties imposed by the Ld. CIT(A) under section 271(1)(c) for all three assessment years. The Tribunal found that although the assessee had exceeded the statutory limit for commercial constructed area in a housing project, the penalty was not justified as all other financial details were accurately reported. The Tribunal considered relevant legal precedents and noted the pending appeal in the Hon'ble Apex Court regarding the deduction claimed under section 80IB, ultimately ruling in favor of the assessee. en-us Thu, 18 Oct 2018 00:00:00 +0530 Mon, 22 Oct 2018 11:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=369216 The Tribunal allowed the appeals, setting aside the penalties imposed by the Ld. CIT(A) under section 271(1)(c) for all three assessment years. The Tribunal found that although the assessee had exceeded the statutory limit for commercial constructed area in a housing project, the penalty was not justified as all other financial details were accurately reported. The Tribunal considered relevant legal precedents and noted the pending appeal in the Hon'ble Apex Court regarding the deduction claimed under section 80IB, ultimately ruling in favor of the assessee. Case-Laws Income Tax Thu, 18 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=369216