https://www.taxtmi.com/caselaws?id=373890 The Tribunal upheld the deletion of penalty imposed under section 271(1)(c) for restricting deduction claimed under section 80-IC of the Income Tax Act, 1961. The Ld. CIT(A) found that the assessee had a bonafide belief in claiming 100% deduction, leading to substantial expansion, despite the AO's restriction to 25% deduction. Judicial interpretations and the assessee's disclosure of relevant details supported the decision to delete the penalty. The Tribunal dismissed the Revenue's appeal, emphasizing the importance of assessing bonafide belief in deductions under section 80-IC. en-us Tue, 18 Dec 2018 00:00:00 +0530 Tue, 22 Jan 2019 08:05:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373890 The Tribunal upheld the deletion of penalty imposed under section 271(1)(c) for restricting deduction claimed under section 80-IC of the Income Tax Act, 1961. The Ld. CIT(A) found that the assessee had a bonafide belief in claiming 100% deduction, leading to substantial expansion, despite the AO's restriction to 25% deduction. Judicial interpretations and the assessee's disclosure of relevant details supported the decision to delete the penalty. The Tribunal dismissed the Revenue's appeal, emphasizing the importance of assessing bonafide belief in deductions under section 80-IC. Case-Laws Income Tax Tue, 18 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373890