https://www.taxtmi.com/caselaws?id=279127 The ITAT allowed the appellant's appeal against the penalty imposed under section 271(1)(c) for disallowance of deduction under section 80IA for the assessment year 2003-04. The ITAT found the penalty beyond jurisdiction due to the absence of recorded satisfaction regarding concealment or inaccurate particulars of income in the assessment order. The debatable nature of the disallowance under section 80IA, supported by court decisions and admission of a question of law by the Hon'ble High Court, led to the deletion of the penalty. en-us Wed, 19 Dec 2018 00:00:00 +0530 Tue, 05 Mar 2019 00:47:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279127 The ITAT allowed the appellant's appeal against the penalty imposed under section 271(1)(c) for disallowance of deduction under section 80IA for the assessment year 2003-04. The ITAT found the penalty beyond jurisdiction due to the absence of recorded satisfaction regarding concealment or inaccurate particulars of income in the assessment order. The debatable nature of the disallowance under section 80IA, supported by court decisions and admission of a question of law by the Hon'ble High Court, led to the deletion of the penalty. Case-Laws Income Tax Wed, 19 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279127