https://www.taxtmi.com/caselaws?id=376108 The High Court upheld the Tribunal's decision, emphasizing the bonafide belief behind the claim made by the respondent-assessee regarding the interpretation of Section 80IC of the Income Tax Act, 1961 for deduction claims. The penalty under Section 271(1)(c) was deleted as the claim was found to be based on a bonafide belief and not to provide inaccurate particulars or conceal income. The impact of bonafide belief in claiming deductions played a crucial role in the penalty imposition decision, with the High Court dismissing the appeals by the appellant-revenue. en-us Tue, 29 Jan 2019 00:00:00 +0530 Wed, 27 Mar 2019 15:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376108 The High Court upheld the Tribunal's decision, emphasizing the bonafide belief behind the claim made by the respondent-assessee regarding the interpretation of Section 80IC of the Income Tax Act, 1961 for deduction claims. The penalty under Section 271(1)(c) was deleted as the claim was found to be based on a bonafide belief and not to provide inaccurate particulars or conceal income. The impact of bonafide belief in claiming deductions played a crucial role in the penalty imposition decision, with the High Court dismissing the appeals by the appellant-revenue. Case-Laws Income Tax Tue, 29 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376108